The meteoric rise of the U.S. stock market over the past two years has come to an abrupt end.A steep downturn recently has led to what’s known as a bear market. But what does that mean, and why might policymakers have to hurt the economy to help it in the long term?Guest: <a href="https://www.nytimes.com/by/jim-tankersley">Jim Tankersley</a>, a White House correspondent for The New York Times, with a focus on economic policy.Want more from The Daily? For one big idea on the news each week from our team, <a href="https://www.nytimes.com/newsletters/the-daily?module=inline">subscribe to our newsletter</a>. Background reading: <ul><li>Steep downturns of stocks by 20 percent or more are relatively rare, but<a href="https://www.nytimes.com/2022/06/13/business/bear-market-timeline-stocks.html"> how long they last could portend damage</a>.</li><li>The last such drop happened in early 2020 as the coronavirus spread. Here’s<a href="https://www.nytimes.com/2022/06/13/business/bear-market-history.html"> what else to know</a> about bear markets.</li></ul>For more information on today’s episode, visit <a href="http://nytimes.com/thedaily?smid=pc-thedaily">nytimes.com/thedaily</a>. Transcripts of each episode will be made available by the next workday.

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The Claws of a Bear Market

The Daily