This just in: CEO Chris Shuba in Financial Planning

Read the highlights of this week’s commentary from Helios: In Jackson Hole, Fed chair Powell gave a hawkish speech saying the Fed “must keep at it” and focusing his message on the need to tackle price stability. Powell noted there were mixed economic growth signals, though the economy “continues to show strong underlying momentum.” The next FOMC meeting is September 20-21.

The speech spooked equity markets, with the NASDAQ Composite falling 2.5% and the S&P 500 falling nearly 2% by noon ET. Yields on 2 year bonds rose to 3.41%, while the 10 year was relatively unchanged at 3.02%.

Headline personal income rose 0.2% in July, short of the 0.6% that economists had expected. One of the major components the NBER looks at to determine recessions is the personal income minus government transfers, which increased 0.4% in July, the most since October last year.

Personal spending rose 0.1% in July, short of the expected 0.5% gain. Spending was focused on services, including areas that have been pinched by inflation, such as housing, as well as

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