S&P 500 · August 26, 2022
The day he said there would be pain
-3.37%
single-day change vs previous close
Part of a longer stretch
The 2022 inflation bear market
near the end of it · 2022-01-03 → 2022-10-12, -25.43% over the whole period
What happened that day?
- On 26 August 2022 the S&P 500 fell 3.37%
- The Fed chair gave a short speech at the annual economic symposium that day — about eight minutes
- Its substance: bringing inflation down would cause pain to households and businesses
- All summer the market had rallied on the expectation that the Fed was about to turn. This speech denied that directly
- That is why it was short and blunt. It was meant to stop the market hearing only what it wanted to hear
- This one day ended the summer rally. The index fell for the next six weeks
- In this stretch the index was 16.91% below its peak
Sources
Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.