Why the stock market is so turbulent

It tells us much about the inability of Chinese leaders to bring its economy in for a soft landing. Some of the key evidence for the "this is about more than China" story come from other emerging markets, stretching from Malaysia to Mexico, that are also taking it on the chin. In the background of all of this is a crucial decision looming for the Fed. Fed officials have indicated a determination to base interest rates on what is most appropriate given the state of the US economy and not to overreact to fluctuations in markets. And the value of the dollar on currency markets fell 1.6 percent Monday (as measured by the dollar index) as investors priced in greater likelihood of the Fed's keeping rates lower for longer.

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