U.S. equity futures were directionless ahead of Fed chair KEVIN WARSH's Jackson
Hole speech as tech investors took profits after an Nvidia-led rally. SocGen
analyst Rajappa said this week's core PCE showed inflation firmer than expected
and that aggregated data argue for policy action sooner rather than later.
Historically, Jackson Hole remarks without a broader policy shift have produced
limited equity moves — the S&P 500's average one-week change since 2000 is about
0.4%. Apollo's chief economist Thorsten Sløk expects Warsh to give little
forward guidance but warns any comments on inflation, unemployment or the
neutral rate could move long-end yields.
