Treasury yields moved higher, with the 30-year Treasuries reaching a 19-year high, while the Japanese yen weakened to a 19-year low.
The U.S. labor market showed signs of cooling, with July payrolls declining by 23,000 and the previous two months revised down by around 100,000 jobs, while GDP growth remained strong.
Inflation remained a key focus, with core personal consumption expenditures (PCE) inflation at 3.3% in July, unchanged from June.
Federal Reserve Chair Kevin Warsh’s Jackson Hole speech signaled a stronger focus on achieving the 2% inflation target, with greater reliance on interest rates as a policy tool.
Artificial intelligence continued to influence markets, with Nvidia reporting strong second-quarter results and Fed Chair Warsh highlighting AI’s potential role as a future factor of production.
Markets remained resilient, with the S&P 500 and Nasdaq indices gaining during August, while investors continued to monitor interest rates, spreads, and bond market volatility.
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