- US stocks and treasuries finished lower on Monday as traders rebalanced their expectations in response to the Federal Reserve's announcement that it will continue to raise interest rates to combat inflation.
- For the second session in a row, the S&P 500 and the Nasdaq 100 finished lower. Treasury yields increased, with the 10-year yield currently hovering around 3.11%. Earlier in the day, the two-year yield reached its highest level since 2007, before retreating. Oil rose as a result of supply concerns.
- Fed Chair Jerome Powell's speech at the Jackson Hole Symposium made it clear that the dovish pivot anticipated by some investors was unlikely. He had also warned of the possibility of economic pain for households and businesses as the central bank continues to fight inflation aggressively.
