The stock market’s worst-case “Bearmageddon” scenario appears to have occurred, said Mike O’Rourke, chief market strategist at financial brokerage JonesTrading.

He has described Bearmageddon as when the economy rolls over at a time of “maximum level” of easy monetary policy, while asset values like stocks are still expensive. “That combination of events becomes toxic because investors begin to express concern that the [Federal Reserve’s] monetary policy has become impotent,” O’Rourke wrote in a note to clients.