Global Daily: MAGA Jay and Silent Blob

Jerome Powell used his set-piece speech at Jackson Hole on Friday to execute a dovish pivot. The S&P500 closed within 2pts of an all-time high and 10-year Treasury yields fell 7bps after the Fed Chair said that recent weakening in the labor market that was highlighted by sluggish employment growth in the most recent non-farm payrolls report – including big downward revisions to jobs growth in April and May – meant that the balance of risks had shifted and that some reduction in the restrictiveness of monetary policy may now be appropriate.