The S&P 500 has fluctuated around its 50-day moving average recently as the 10-year Treasury bond yield has done the same around 4.25%, which was last year's high on October 24 (chart). Sentiment is bearish in the bond market. It's less bullish in the stock market than it was during July.
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Fed Chair Jerome Powell's Jackson Hole speech on Friday was hawkish. He avoided any mention of lowering interest rates. Instead, he said that the policy options were either high-for-longer or higher-for-longer interest rates. Interestingly the bond market didn't freak out but remained around 4.25% with the TIPS yield backing off a bit from 2.00% (chart). The stock market also didn't react much to Powell's hawkishness.