Powell didn't say a lot in Jackson Hole speech, but it was enough for markets

Federal Reserve Chair Jerome Powell 's speech at Jackson Hole, Wyoming, showed only a mildly dovish tone toward monetary policy, but that was all markets needed to head off to the races. Stocks surged and Treasury yields plunged following the presentation at the Fed's annual symposium. Market pricing shifted back to a near certainty that there will be a September rate cut, and speculation swirled that at least one more would follow this year. All that came from Powell simply stating that current and expected conditions "may warrant adjusting our policy stance" after the Fed spent this entire year on hold, despite hectoring from President Donald Trump for lower rates. "Fed Chair Powell is going out with a bang as he delivers what the President has been arguing for," wrote Chris Rupkey, chie