Hawkish commentary out of a cast of Fed speakers overnight was of little consequence as markets await Powell’s keynote at Jackson Hole this evening. US equities were higher. The S&P500 was 1.4% higher and the NASDAQ up 1.7%, much of that coming in the last hour of power and unwinding some of the declines seen earlier in the week. European equities were mixed, the Euro Stoxx 50 up 0.2%. US yields were lower, led by the longer end. Fed speakers interviewed ahead of the Jackson Hole conference were on message that the inflation fighting task is not yet done and that rates need to go into restrictive territory. ... (full story)