Coming week puts Fed's "data dependency" to path calibration. We expect it to lean more dovish vs consensus = supports positive thesis into year-end. But it's still August.

Today's note will include a short video update. We discuss: Fed Chair Powell's speech last friday at Jackson Hole was constructive to our view, because he emphasized data dependence.  We expect this incoming week to show markets need to calibrate lower their views on inflation and labor market strength.  This should be supportive of stocks (Duration: 9:11).

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