Black Monday: global meltdown and a hint of overreaction to the US recession signal.

The Fed had lousy timing. On the day that Jerome Powell, chairman of the Federal Reserve, decided once again to keep rates on hold- just one year on pause-, on the other side of the world, the governor of the Bank of Japan raised them. Japan’s Topix index as well as the Nikkei fell 12% on their worst day since the great crash of 1987..