Markets usually go up on these days (70% of the time), but they fall much harder when things go wrong. A new Fed Chair's first Jackson Hole speech is risky—in 2022, just one sentence from Powell triggered a 3.37% S&P 500 crash.
PCE at 3.7% beat expectations unexpectedly, pushing the probability of no rate hike in September from 35% to 66%. Since Walsh took office, forward guidance has been scrapped and the dot plot abolished...






