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Why Are Stocks Tumbling? The Mainstream Media Explains

Why are stocks tumbling (as in a little more than 2% below their all time high)? We decided to get the mainstream media's take.

Here is the answer:

The article says:

The increased prospect that six years of near-zero borrowing costs in the U.S. may end next month rippled through global markets, as companies hurt most by the strengthening dollar led a selloff in American equities and bonds fell with emerging-market assets.... Global 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 a volatile session as the Federal Reserve gave a vote of confidence in the U.S. economy by signaling 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.