Daily Business Briefing: Global markets fall on worries about inflation and interest rates.

Plus: A major European stock index falls into a bear market.

Sept. 23, 2022, 2:07 p.m. Eastern time Good afternoon. Inflation is weighing heavily on investors. Markets around the world slid over inflation and recession worries, with the S&P 500 down more than 2 percent, putting it on track for a second consecutive weekly decline. Europe's Stoxx 600 index fell 2.3 percent, ending the day in bear market territory. Oil prices also fell to their lowest level since January, providing relief to consumers as traders grew worried about a recession. Earlier this week, policymakers at the Federal Reserve sketched a rosy outlook in which they could gently cool inflation while letting the economy stay resilient. Not everyone agrees. Here's what is happening today Global markets fall on worries about inflation and interest rates. The S&P 500 fell 2 percent, putting the index on track for a second consecutive weekly decline, and the yield on the 10-year Treasury note, a benchmark for borrowing costs, rose slightly. Read this story A major European stock index falls into a bear market. The Fed's outlook is an 'unrealistic fantasy' to some investors. U.K. markets are rattled by the new government's tax and spending policies. Britain makes a risky bet on tax cuts to drive growth. Oil prices tumble to their lowest level since January. Interest rate increases are causing pain now. But the U.S. has seen worse. Moves by central banks leave little room for error. See the full briefing What do you think of this email? We would love to hear from you. Was this email forwarded to you? Sign up here to get this in your inbox. Get Business alerts as they happen with The New York Times app. Need help? Review our newsletter help page or contact us for assistance. You received this email because you signed up for Daily Business Briefing from The New York Times. To stop receiving these emails, unsubscribe or manage your email preferences. Subscribe to The TimesGet The New York Times app Connect with us on: Change Your EmailPrivacy PolicyContact UsCalifornia Notices The New York Times Company. 620 Eighth Avenue New York, NY 10018