Why are stocks tumbling today? Here is the mainstream media’s take:
Here is the answer:
The article says:
Investors continue to adjust to the increased likelihood that America’s benchmark rate will rise this year, a move that would end an unprecedented era of record-low borrowing costs.
In other words, stocks are falling due to fear of a December rate hike.
Great, just one problem.
Here is what the same mainstream media said just 10 days ago, on October 28:
This article said the following:
U.S. stocks ended sharply higher on Wednesday after the FED signaled a December interest rate hike was still on the table.
Shorter version: stocks soared due to hope of a December rate cut.
So ten days ago, a December rate hike is why “stocks ended sharply higher”, while today a December rate hike is the reason why “stock tumbles in global selloff.”
And now you know.