The SPX erased all of Wednesday’s gains, retreating to 4,380.
Thomas Barkin and Susan Collins sounded hawkish at the start of the Jackson Hole Symposium.
All eyes are now on Friday’s speech by Jerome Powell.
On Thursday, the US stock market saw losses driven by a stronger USD, boosted amid hawkish remarks by Federal Reserve (Fed) officials at the Jackson Hole Symposium.
Thomas Barkin stated that the Fed will keep rates where they are for the rest of 2023 and push rate cuts to 2024. In addition, Susan Collins commented that “more rate hikes are possible” which made markets place bets on a more aggressive Fed. In line with that, US yield rose, making stocks lose interest. The 2-year rate rose to 5%, while the 5 and 10-year rates increased to 4.44% and 4.23%, respectively.
Eventually, it will come down to the next set of data that the Fed will receive, including an additional jobs report and inflation reading. Powell’s words on Wednesday will also be closely watched for investors to model their expectations
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