Slow Roll Until Jackson Hole (E228)

DoubleLine Portfolio Manager Eric Dhall and Fixed Income Asset Allocation Strategist Ryan Kimmel review the market week of Aug. 18-22, which started out as a little bit of a down run for equities before being boosted by Fed Chair Jerome H. Powell’s dovish speech at the Jackson Hole Economic Policy Symposium on Friday. Chair Powell’s comments seemed to raise prospects for a Fed rate cut at the September FOMC meeting. In addition to the stock bounce, fixed income (3:20) and commodities (4:50) had positive weeks. Eric and Ryan conclude the market recap with a review of Chair Powell’s speech and the market reaction to what had been expected to be a more hawkish stance (5:40). Over in Macro Land (10:35), topics covered include housing data; labor numbers; and strong S&P Global PMI prints, which notably contrast with ISM’s weaker prints. Next week’s releases will include durable goods data and the latest PCE number.