Wall St Remains Muted After Fed Chair Warsh's Speech
Traders raised September hike odds after Kevin Warsh said inflation progress is not yet enough, with the 2-year Treasury yield reaching its highest level since late July.
- On Friday, Federal Reserve Chairman Kevin Warsh signaled the Fed has "more work to do" on inflation during his keynote speech at the Jackson Hole economic symposium in Wyoming.
- Traders increased bets on a September rate hike following Warsh's remarks, reversing prior market consensus that favored maintaining the status quo with nearly 70% odds before the speech.
- FedWatch data now shows a nearly 56% chance of a quarter-point hike in September, while Polymarket and Kalshi speculators indicate 49% and 48% odds, respectively.
- Short-Term yields rose sharply, with the 2-year Treasury yield hitting its highest level since late July as investors reacted to the central bank's firm inflation stance.
- The Federal Open Market Committee will determine interest rate policy on Sept. 16, with Warsh cautioning that recent inflation data does not yet suggest "meaningfully improved" underlying trends.
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26 Articles
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