Higher rates weighed on equity markets (S&P500 -1.3%) and supported a big move higher in the USD. Jackson Hole has historically been a platform where the Fed Chair has foreshadowed future policy announcements and delivered market-moving messages. Equity markets came under renewed pressure amidst the higher rates backdrop, the S&P500 down 1.3% on Friday and the NASDAQ off 2%. USD/JPY was 0.8% higher amidst the sharp increase in US Treasury rates, closing the week just below the 137 mark. Other central bankers attending Jackson Hole include Bank of England Governor Bailey and ECB board member Schnabel.

Source: New Zealand Herald August 21, 2022 21:19 UTC