Real-world borrowing costs have increased across Corporate America, threatening stock investors for much of this year.

Wall Street is worried about the monetary threat after Jerome Powell signaled his commitment to tightening policy again, prompting a panic in Big Tech and beyond.

Powell’s strategy to chill the US economy is to ensure inflation-adjusted interest rates, borrowers’ true cost of money, stay high.

The top-heavy US equity market is concerned as capital costs rise, impacting enterprises big and small.

The possibility of increased rates affected all assets, with homebuilders sank for the third time in eight weeks and underperforming technology firms plunged.

The tech-heavy Nasdaq 100 has fallen more than 5% in September, with UBS Group AG expecting no more central bank hikes this year.

Apollo Global Management’s Torsten Slok warns that funding costs will rise, and investors across assets should prepare.