Stocks
Warsh's Hawkish Tone Fuels Rate Hike Bets
Fed Chair Kevin Warsh sparked a rate hike bet surge at the Jackson Hole Symposium, boosting the odds of a 25-basis-point increase in September to 59.5% from 35.4%. The Dow Jones (DJIA) is up 0.03% Friday.
The Fed's preferred inflation measure, PCE, grew 3.7% year-over-year in July, exceeding expectations of 3.6%, and has stayed above 2% for 65 consecutive months.
Nvidia (NVDA) led the tech sector lower, while Amazon (AMZN) rose nearly 4% after Evercore ISI hiked its price target to $355 from $315. The SPDR Dow Jones Industrial Average ETF (DIA) is also rising alongside the DJIA.