Miletti Sees Jackson Hole as Bigger Threat Than Nvidia Earnings

Allspring Global Investments' Ann Miletti has expressed concern about the upcoming Jackson Hole economic symposium, suggesting it poses a bigger risk to Wall Street than Nvidia's quarterly earnings. The event, scheduled for August 28 and hosted by the Federal Reserve Bank of Kansas City, features Fed Chairman Kevin Warsh.

Miletti, head of equity investments at Allspring Global Investments, emphasized that investors should keep expectations low heading into Jackson Hole, citing the recent jump in Treasury yields since last month's policy meeting. The yield has risen from below 5% to above 5.5%, which Miletti attributed to the quickness and sharpness of the move rather than its absolute level.

Miletti also pointed out that corporate borrowing costs have increased, particularly given the scale of capital expenditure spending underway. She noted that this concern is amplified by turbulence in bonds, with 30-year Treasury yields spiking to over 5.3% before a planned debt buyback was announced.