Saxo Market Call

Market stumbles after Powell’s Jackson Hole speech

August 29, 2022

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Fed Chair Powell's Jackson Hole speech was credited with triggering the ugly slide in equities and broader risk sentiment on Friday, but the modest reaction in US treasury yields suggests that the Fed was only moderately more hawkish than anticipated. Regardless, the market slide has already developed ugly momentum and could test next supports if US data this week continues to support higher yields and a stronger US dollar, an important financial condition in its own right. We also discuss the latest commodity price developments and weak precious metals on the stronger US dollar and remarkably persistent view that hefty disinflation is just around the corner. Today's pod features Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

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