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The stock market rallied on Friday, Monday, and today despite Fed Chair Jerome Powell’s hawkish speech at Jackson Hole on Friday. The S&P 500 rose back above its 50-day moving average (chart). The 10-year Treasury bond yield fell to 4.12% today.
The rallies in both stocks and bonds received a bullish jolt from June’s JOLTS report today showing fewer job openings and quits than expected during the month. These are bullish developments because they suggest that the labor market is “rebalancing” with demand for labor easing. Powell has stressed the importance of these two variable for the setting of monetary policy. They are both heading in the right direction, i.e., the one increasing the likelihood that the Fed is done raising interest rate.
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