Trading Halt? Here’s What to Really Worry About in the Markets Now

TIME

In markets, as in journalism, three’s a trend. So it’s no wonder that everyone is in a panic about the halt of today’s trading on the NYSE, coupled with the free fall in Chinese markets that has come on the heels of the Greek debt crisis. While the first is apparently a technical glitch, and the latter two are big, long-awaited macro events, the fact that they are all coming together isn’t great timing. Global markets were already on a hair-trigger.

Technical “glitches” are never welcome, but this one is coming at a particularly bad time. Markets have been waiting for a major correction for months now. Why? Because we’re now entering the second major global economic shift since the 2008 financial crisis–the end of the era of easy money. Central bankers have pumped trillions into the economic apparatus and kept interest rates low for an unprecedented period. The…

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