There is also QT. The QT the Fed is doing is the same thing as a .25% interest rate hike...at a minimum...some estimates are that each round of QT can almost be as much as a 1% hike. The costs are hidden. But it takes its toll. Both the raising of the interest rates and QT are double-punching the market. Add to that the tariffs and threat of a trade war...that didn't help.
The Fed lowered rates to near Zero and kept them near zero under 1% for all of Obama’s term , all 8 years which led to a bubble stock market , a bubble economy .
The Fed is now purposefully popping their own bubble they crated for Obama. that is the reason the stock market is crashing. there is no reason to raise rates as gdp is only 2.5%, inflation 2.1% .It's all political . They are leftists trying to crash the economy to get rid of Trump.
Tariffs and “trade war” didn't have anything to do with the market going down . This is the liberal news media narrative . guess You a conservative agree with and bought hook and sinker the Liberal news media's narrative.
QE undermined the economy by creating uncertainty in the currency and encouraging malinvestment. QT is not too much fun but the only way to undo QE.