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: Jim Tankersley, a White House correspondent for The New York Times, with a focus on economic policy.

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Background reading:

Steep downturns of stocks by 20 percent or more are relatively rare, but how long they last could portend damage.
The last such drop happened in early 2020 as the coronavirus spread. Here’s what else to know about bear markets.

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The Claws of a Bear Market

The Daily

The Claws of a Bear Market