Any hope that softer inflation and slower growth data would cause the Fed to pivot from its hiking schedule quickly evaporated in August. Chairman Powell reiterated the Fed’s hawkish stance and its commitment to bring down inflation above most other factors at the Jackson Hole Economic Symposium late in the month. He went so far as to indicate that some ‘pain’ might be required to accomplish its goals, suggesting that the Fed’s efforts could come at the expense of growth and employment. The Fed and many other central banks’ reaffirmed commitments to stifling inflation, even at the expense of growth, sent shivers through risk asset markets. In a not-so-quiet August, stocks and bonds fell as yields rose and volatility was heightened.

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