In last week’s edition of Market Insights, “Markets Gear Up For Dreaded September”, we spent some time reflecting on the Jackson Hole comments, and more importantly, the market’s reaction to these comments. Suffice to say, the market was caught off guard by the seemingly hawkish rhetoric coming from Powell. This was evidenced by the sharp market pullback sending BTC back below its 2017 ATHs, and the repricing in the odds of a 75bps rate hike at the September FOMC meeting at nearly 86%.
