Market is sending message to the FedsFeds have been behind other countries in cutting rates. Market expected rates cuts from feds much earlier in the year and nothing happened.
Stock market drop today is a clear message to fed to cut rate, or more drops like this will come.
All central banks were too late to raise rate and now they are late to cut rate. Market had enough of this late reaction time. Rate cut sep 18 will happen, today's drop is setting up for November rate drop.
Hopefully Feds got the message.