051 - Fed Chair Powell delivers a short and to-the-point speech at Jackson Hole; markets turn risk-off

<p>Fed chair Powell's speech led to a risk-off environment, as he outlined inflation as the primary policy driver. However, the Fed was not the only hawkish central bank, with tightening comments from the ECB. Moreover, the ECB minutes seemed to downplay a recession. This prompts Russ and Nik to discuss a general and potential contrarian overshoot scenario. NFP on Friday has forecasts between 285-295K, and Euro PMIs print on Thursday.</p>