A look at the day ahead in U.S. and global markets from Mike Dolan.
If the Federal Reserve was irked about a premature easing of financial conditions this summer, then it's successfully shut down the party.
Fed chief Jerome Powell's basic message on Friday at the Jackson Hole central banking festival was that the Fed would not flinch in tightening credit to rein in inflation, even at the onset of recession. Some "pain" was likely and, however high interest rates needed to go, they would not come back down quickly.
But Powell's speech seems to have been be much more of a wake-up call for stock markets, which now have to rethink both interest rate and recession probabilities - despite forecasts for another bumper monthly U.S. employment report later this week.
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