By some measures, last Friday Fed Chair Jerome Powell derailed the fledgling bull market rally in U.S. and global risk assets.

In eight short minutes, the central bank governor drove home the point that the Federal Reserve would do everything within its power to halt inflation, including bringing economic “pain” to U.S. households and businesses alike.

For the markets, it was a halting realization given the fact that the recent market rally had been predicated, at least in part, on the Fed pausing rate hikes and giving the economy some breathing room as various data points have shown that a U.S. recession is looming on the horizon.

But not anymore.

In today’s podcast, we discuss:

• What happened at Jackson Hole and why it was significant for the markets
• How expectations are set for market conditions, and what’s changed
• The role inflation and economic growth will play in market performance
• What market participants may need to see to solidify a market rally in the months ahead