Bloomberg Surveillance · Monday, September 14, 2026
According to RBC analyst Laurie Calvacino, significant market jitters are currently being fueled by a combination of factors, including upcoming midterm elections, rising interest rate concerns, and the ongoing war. She notes that market volatility often increases during periods of new Federal Reserve leadership.
“And we made a comment last week in our weekly that we were expecting a 5% to 10% pulldown. We thought that those risks had risen.”
“We've got midterm elections. The last couple cycles, you've seen extreme volatility in both directions in the back half of the year. We've got interest rate risk, and I don't care what's going on. When the bond market and macro investors are worried about interest rates rising, everything else hits harder.”
“You typically see volatility in markets when you're ushering in new leadership at the Fed. We've seen that in Warsh's three predecessors.”