(New York)

The market has been very bearish lately, with last week seeing the worst declines for the S&P 500 since march. The market fell 4.6% last week. This may seem like just another bout of volatility, one in a series we have had this Fall. However, the market’s fear gauge, the VIX, suggests that this selloff is different. The VIX just recently hit levels close to during October’s rout, but what is different this time is that it has sustained its momentum in a way that hasn’t happened since 2016. “This shows that unlike October, investors no longer see the market correction as a temporary dislocation, but rather driven by more persistent macro risks”, says Credit Suisse.

FINSUM: The market is continuing to reflect a comment we made yesterday—that the problems plaguing stocks are not simple to resolve, so is easy to see how prices could continue to fall for some time.