What Triggered the Stock Market Panic This Month?

The recent rout in the equity market was fueled by concerns over rising interest rates, which could increase costs for the industry. Investor anxiety about rising rates was triggered by comments from San Francisco Fed president John Williams on Friday, February 2. During his speech, Williams said he envisioned three or four hikes this year, and investor anxiety escalated further after the non-farm payrolls report indicated impressive job gains in January.