Payne's Perspective: August 29, 2022: Powell Conquers
Everyone was on pins and needles going into Jay Powell’s Jackson Hole speech, and as it turns out, the hammer came down just as hard, if not harder than expectations.
While there is no doubt Jay Powell was on a message, the fact is once the ball started rolling, there was going to be a snowball to boulder impact.
For the week, all the major equity indices were down 4.0% or more, and believe it or not; the ten-year treasury bond was unchanged.
There was a re-rotation back into Energy (XLE) stocks as crude oil began to rebound.
To read the full report contact your account executive or email Research@wstreet.com.
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