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The Federal Reserve met market expectations at its September meeting by holding interest rates near zero. The rationale of its 9-1 vote: elevated concern about global growth that in recent weeks has pushed down inflation and injected greater volatility into asset markets.

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Headlines out of Europe lately have been dominated by the challenges the continent faces in handling the huge inflow of desperate migrants from Africa and the Middle East. The good economic news that’s coming out of the region is understandably getting less attention.

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You didn’t really think the market’s roller-coaster ride was over already, did you? This week’s headlines could have been recycled from last week. We’ve seen another bout of volatility triggered by more worries about weakness in China.

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If the current worries of global investors could be summed up in a single question, it would probably be, “Are things really that bad in China?” An answer is elusive at this point even the government in Beijing may not know for sure. But without that information, no one can confidently predict where the market’s bottom might be.

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Fears of weakening growth in China is the latest in a series of distress signals sent out by the global economy in recent months.

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