With all the big news this past weekend, the MSM seemed to overlook the Fed’s annual get-together in Jackson Hole. Fear not, here’s the big takeaway: snoozePowell’s anodyne kick-off speech made it clear this is one tame Fed.
Jay suggested while it seems the economy is chugging along perfectly, the Fed is keeping a close eye on the "stars," consistently reviewing the details to make sure Fed policy isn't contributing to undershooting or overshooting inflation and employment targets. Blah.
Jay probably kept it boring on purpose. The most curious part of his speech may have been his unorthodox use of the word “stars” in lieu of “asterisk”! Let's take it as a good sign our new Fed Chair seems terribly fastidious.
Weekly Update through August 24, 2018 The S&P 500 added 88bps, even as the Dow Jones gained 51bps, the Russell 2000 added 1.94%, the Nasdaq advanced 1.67%.
As for US bonds, they gained 26bps.
Globally, the MSCI World Index added 1.13% the Barclays Global Aggregate Bond Index increased 55bps.
The Euro Stoxx 50 gained 1.62% in local-currency (Euro) and 3.53% n USD. Meanwhile, the Topix advanced 69bps in local-currency (Yen) and declined -5bps in USD.
