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Chart of the Week
Can You Hear Me Now?
The recovery in US equities has faced renewed challenges following Chair Powell’s comments at the Jackson Hole Symposium. In fact, on the day he spoke, the S&P 500 lost $1.24tn in market cap, a notable difference relative to market cap losses during previous 2022 FOMC meetings. While the Fed has taken a hawkish stance for most of this year, Powell’s recent remarks may have been interpreted as decisively hawkish, ending most speculation of a near-term policy pivot.
Source: Bloomberg and Goldman Sachs Asset Management.