8/29/23 Market Snapshot: Powell states inflation still too high, 2 year Treasuries above 5%

The market was focused on the Federal Reserve’s Symposium in Jackson Hole, Wyoming this week, most notably Chairman Powell’s speech on Friday. While no significant changes were mentioned, Powell acknowledged that although inflation has come down from its peak, it remains too high above the Fed’s preferred target. He noted that any future rate moves will continue to depend on incoming data and they are prepared to keep rates at a “restrictive level” until inflation trends lower.