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Awaiting Powell | Bond yields climbed, and stocks struggled, with traders betting Jerome Powell will throw cold water on market expectations for aggressive rate cuts. In the run-up to the Fed Chair's Jackson Hole speech, Treasuries fell, with the move led by shorter maturities. The dollar gained while the S&P 500 lost steam after getting close to its all-time high. Starting in September, the swap market cemented wagers that the Federal Reserve will ease policy by one percentage point this year. On the economic front, the latest figures were a “mixed bag.” Jobless claims data showed the labor market is cooling only gradually while manufacturing activity shrank at the fastest pace this year. Existing home sales rose for the first time in five months.
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