US equity indexes closed broadly higher, SPX +39pts (0.9%) at 4509. Nasdaq comp' +1.2%. Dow +0.7%. The Transports settled +1.2%. R2K +2.8%.
SPX - daily5
VIX - daily3
Summary
US equities opened on a positive note, with the fed chair duly appearing at 10am, for the annual contribution to the economic symposium, as normally held at Jackson Hole.
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| Powell - the CEO of Print Central |
Not surprisingly, it was just more of the usual fedspeak nonsense, dancing the fine line between spooking the market hawks or doves. Powell didn't look so well today, and the pressure on Powell will continue to increase with each CPI print.
Meanwhile...
For some, it was just another day of horror in Philly. We have an independent documentary - captured August 19th 2021, on an attempt to clear the encampments.
The above doesn't make for easy viewing, but then... it shouldn't. You should be beyond horrified, at a part of America that most simply want to pretend doesn't exist.
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| Yet more fedspeak nonsense |
Do you think Harker of the Philly Fed has ever been in that part of town?
It should be clear, ongoing ZIRP and $120bn a month of printing isn't helping those on the streets. In fact, the fed has been the direct and indirect cause of some of the underlying economic systemic 'breaks' since at least the 1970s.
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The afternoon saw equities claw upward, for what was a distinctly positive end to the week. Volatility was naturally ground lower, the VIX settling -13.0% to 16.39.
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| Sunset before a cloud bank rolled in from the west |
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| A fine end to the week |
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Goodnight
from London
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