Doubling Down.
How quickly that half-full glass I talked about last week has emptied. A third consecutive week of stock market losses ended with a thousand point fall in the Dow Jones Industrial Average on Friday as Federal Reserve chair Jerome Powell, talking at the Fed’s annual jamboree in Jackson Hole, Wyoming, ferociously doubled down on the central bank’s commitment to raise interest rates as aggressively as is needed to bring current high inflation levels back down towards the target level of 2%. I’ll come back to this later.
The durable goods report for July was disappointing, which may have been a…
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