August 2023 Commentary: Goodbye, August

Summary

• The S&P 500 experienced a 1.6% decline in August but remains 18.7% higher on the year, while the Bloomberg Aggregate Bond Index is up a paltry 1.4% for the year to date.
• During his Jackson Hole speech, Jerome Powell reaffirmed the Fed’s commitment to a 2% inflation target, solidifying its “higher for longer” stance on interest rates.
• Job openings softened, albeit from exceptionally tight levels, and consumer confidence declined as elevated inflation continued to frustrate consumers.
• Congress returned from recess at the end of August and is already gearing up for another showdown as a potential government shutdown looms.

Read and download the commentary here.