Guidance from the Fed did not change after the Jackson Hole forum speech.

The much-anticipated speech at the Jackson Hole annual economic forum by Fed Chairman Powell did nothing to change investor expectations. It had been feared the Chairman was going to announce the beginning of tapering of the $120 billion a month of bond purchases by the Fed sooner than has been expected. He did not. He said the Fed’s dual mandate of achieving full employment and maintaining price stability has not been reached even as we are moving in that direction. The surge in inflation reported in the last four months is mainly in the supply chain sector creating a shortage of many products but will improve in the second half of the year.