The S&P 500 index has tumbled over 6% during the past three days as investor concerns about the durability of US economic growth have pervaded financial markets. Equity volatility, as measured by the VIX index, has spiked during the same period from 16 to 39, and now stands at the highest level since October 2020.
In global terms, the decline in the US equity market has been comparatively modest.
