It's safe to say the Federal Reserve seems to be in no mood to cut interest rates anytime soon. Despite a pause in rate hikes at the latest meeting, the central bank's “higher for longer” stance on rates has made it clear that the Fed remains steadfast in its resolve to bring inflation back down toward its target rate of 2%.
Against the backdrop of a persistently hawkish Fed, September is living up to its reputation as one of the toughest months for the stock market. While the S&P 500 Index ($SPX) is down 4.8% for the month so far, the Nasdaq Composite ($NASX) has corrected by an even sharper 6.5% over the same period.
