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Good morning. Powell at Jackson Hole, Russia boosting its troop size, European energy prices soar again and Twitter’s bot data. Here’s what people are talking about.
Global markets are on tenterhooks in an anxious countdown to Federal Reserve Chair Jerome Powell’s speech at an annual central banking symposium in Jackson Hole, Wyoming. Fed officials struck a hawkish chorus as the meeting got underway, signaling interest rates need to keep going up to fight inflation and hinting that investors are erring in expecting a slowdown in the pace of tightening anytime soon. Powell’s tone has the potential to roil markets both ways — if he ups the ante, stocks and bonds look vulnerable, but if he is less tough than traders expect, they could breathe a collective sigh of relief. One thing is for sure: investors will be hanging on his every word.