No rate-hiking map from the Federal Reserve

The Federal Reserve, under Chair Kevin Warsh, offered no clear path for future rate hikes at Jackson Hole. This lack of forward guidance could increase bond market volatility.

The Fed is likely to keep rates unchanged through year-end. This could push longer-term yields higher by increasing the term premium.

Meanwhile, earnings season delivered strong results. The S&P 500 saw a high beat-to-miss ratio, with Europe and Japan also posting double-digit growth. Watch for how this earnings strength influences Fed policy and market sentiment moving forward.