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Powell really didn't say anything shocking today from the point of view of the bond market: Expectations for rate hikes moved up only marginally. But the stock market might be internalizing that there was no dovish pivot in July and that there won't be one any time soon.

A very welcome development: Powell's speech today was the shortest speech by a Fed chair (or vice chair) at Jackson Hole since at least 2010 (and probably well before that--I didn't have time to go back more). Less than half of last year's length, and 1/4 of Bernanke's in 2010.

Powell's speech at Jackson Hole was the shortest by a Fed chair there since at least 1998. Short + to the point = good.

The #FOMC projections for the unemployment rate are a giveaway that they think a recession is coming. There has never been a situation where the UR increased more than ~0.5% without a recession.

It was a pleasure to discuss the September #FOMC meeting, the outlook for #Fed policy, and many other issues with Mark Sobel of OMFIF today. Thank you Mark for the invitation. Full discussion in the link below. omfif.org/videos/the-fed…

Hard for me to imagine someone more deserving of the Nobel prize in Economics than Ben Bernanke. Congratulations to him and Brookings Econ.