Wash Sounds Hawkish Alarm on U.S. Inflation

Fed Chairman Kevin Wash expressed his hawkish stance on U.S. inflation at the Jackson Hole Economic Symposium, stating that he is 'concerned' about high prices. He emphasized the importance of price stability and said that 'the central bank is solely responsible for the high prices that have lasted for 65 months.'

Wash's comments sparked a mixed reaction in the U.S. stock market, with the Dow and S&P 500 falling somewhat, while the Nasdaq also declined.

The FedWatch tool, which tracks probability of interest rate hikes, showed a rise in the likelihood of a rate hike in September to 45.7%, October to 51%, and December to 74%.