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From a certain point onward, there is no turning back. The stock market reached that point this past week.
Oh, the market was hopeful, entering the week, that inflation had reached its peak, that the Federal Reserve would stop raising rates soon, that the bottom was in. But Tuesday’s release of August’s consumer-price-index data showed that inflation hadn’t been tamed and dashed all the goodwill, sending the major indexes to their worst day since 2020.