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Fears of a U.S. recession sparked a global market meltdown.

And the question on everyone's mind, did the Federal Reserve wait too long to cut interest rates?

It's still not clear that inflation has been fully pushed back towards the Fed's 2% goal.

So I think it's still too early to think that the Fed has to break the

glass and cut interest rates now. But as they say, watch this space.

Plus, more tensions are brewing in the Middle East amid warnings of an imminent Iranian attack

on Israel.

It's Monday, August 5th.

I'm Francesca Fontana for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and

business stories that move the world today.

A steep sell-off started in Japan's stock market and spread across the globe as US

index is plunged and volatility spiked. The Dow Jones industrial average lost

more than a thousand points, while the S&P 500 lost 3% and the Tech Heavy NASDAQ fell 3.4%.

Here to walk us through the market's mayhem is W.S.J. reporter, Jack Pitcher.

Jack, we've seen volatility and unexpected moves in the market

...