A former editor of the Economist magazine explained the craft of journalism as “simplify, then exaggerate.” The stock-market correction offers plenty of opportunities to do exactly that, but none are satisfactory on their own.

Simplification 1: It is all about the Fed. Investors have finally begun to believe the Federal Reserve when it says it will keep rates higher for longer, although it isn’t expected to raise rates at its meeting this week. Since the S&P 500 peaked at the end of July, 10-year Treasury yields have jumped almost a full percentage point to 4.85%. Naturally, stocks have fallen—more than 10% from their recent highs, the standard definition of a “correction.”