The week that was to Aug 27
TLDR: The five signals I picked out from the noise this week were:
The Fed scared markets a bit
US Federal Reserve Chair Jerome Powell said in his hotly-anticipated speech at Jackson Hole at 2am this morning that the Fed must keep hiking interest rates “until the job is done,” which would probably lower economic growth for “a sustained period.” This was seen as tougher than traders and investors had expected so the S&P 500 fell 3% by 10 am. The 2-year Treasury bond yield, which is the one fixed mortgage borrowers here in Aotearoa-NZ should watch, rose only 3 basis points to 2.07%. The 10-year…
The skinny
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