Wall Street braces for ‘reality check’ from Powell
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Wall Street anticipates Jerome Powell's speech at Jackson Hole; bond yields rise and stocks decline as traders expect less aggressive interest-rate cuts; Treasuries fall, particularly shorter maturities; S&P 500 drops 0.9%, Nasdaq 100 falls 1.7%; Powell likely to favor gradual rate cuts, with Fed officials suggesting a measured approach; Andrew Brenner notes Fed easing expected in September but not 50 basis points; Mohamed El-Erian warns market overestimates rate cuts; jobless claims indicate gradual labor market cooling; US manufacturing shrinks, existing-home sales rise.

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