Warsh's Hawkish Tone Sparks Market Volatility as Payrolls Surprise

The week began on a defensive note for U.S. equities as Federal Reserve Chair Warsh's hawkish Jackson Hole remarks lifted yields and crude prices higher.

A softer ADP print and dovish comments from Williams and Waller sparked a Thursday rebound, but Friday's strong payrolls partially unwound these gains.

The 162,000 jobs added in August exceeded expectations, with the unemployment rate holding steady at 4.1%.

In contrast, Canadian markets lagged throughout the week, weighed down by energy sector volatility and a hawkish Bank of Canada hold that firmed the Loonie.