Powell Spoke at Jackson Hole. Here’s the Summary:
Stocks rocked back and forth this afternoon after Powell finished his long awaited speech at the Economic Symposium. He started out his speech by stating that the “time has come” for policy change. He celebrated the progress that the central bank has made over the past three years, specifically noting the low U.S. unemployment rate during the process.
Powell’s tone seemed upbeat, more positive than meeting in recent history. His comments, combined with The FOMC Minutes released earlier this week, are reassuring that an interest rate cut is coming in September. Small caps reacted positively to the update, with the Russell 2000 (IWM) soaring 3% on the day.