August felt quieter than any other Augusts in recent memory. Quiet like we were in Europe, type of quiet. Perhaps the markets were finally allowing us to truly enjoy the summer weather and take time away. Low volatility and little price action kept short-term rates in a tight channel throughout the month. The highlight of the month was the speech Federal Reserve (Fed) Chair Powell gave at the Jackson Hole Symposium, an event which historically gives the opportunity for open discussion on how monetary policy can shape economic growth and price stability.
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