Gold, gold, gold...

The annual “love in” of Federal Reserve members and hangers on at Jackson Hole instantly ignited markets when Federal Reserve Chairman Jerome Powell indicated that “the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”

Finally, we have started to see a switch out of Mega Tech companies in the US into more traditional defensive sectors such as Real Estate, Staples, Utilities and Healthcare indicating the current cycle is at a mature stage despite profit results continuing to impress in the US.

I have an interest in UFC as a good mates son is the current welterweight world champion so was interested to read that Paramount Skydance just acquired the US rights for 7 years for US$7.7b dwarfing the previous contract held by ESPN.

Heard it all before...

Not surprisingly Reverand Powell kept interest rates on hold and commented “there are many, many uncertainties left to resolve,” and the Feds rhetoric tempered expectations of a September cut from 65% to 45%.