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In the aftermath of the July Fed meeting, stock prices slipped. The market consensus appears to be that the central bank did not go far enough when it comes to reducing short-term interest rates. The day after the FOMC announced its decision, the Trump administration slapped another 10% tariff on Chinese exports to the United States. Disappointment over the rate cut and the escalation in the trade dispute created a bearish cocktail for the equities market.
The Chinese retaliated against the new tariffs by the United States, and the US designated China as a currency