Upside Down and Backwards

We parse Fed Chair Powell's Jackson Hole speech and assess the odds (and timing) of further rate hikes versus a pivot. We also examine the impact on the global economy of China's weakening property market. We conclude with a look at the recent weakness in U.S. consumer stocks and debate whether expectations for megacap tech earnings are too high in the wake of this week's market reaction to everyone's favorite AI stock. Learn more about Formidable Asset Management, Will Brown, and Adam Eagleston by visiting www.formidableam.com.