STAMP Nedir?

On August 28, U.S. stock indices continued to rise, with the S&P 500 index up 0.5% and the Nasdaq 100 index up nearly 0.4%.

On August 28, Omar Sharif, an analyst at the inflation research firm Inflation Insights, stated: "Federal Reserve Chairman Waller provided the market with what it wanted, which is a more detailed explanation of his views on the current economic data, especially inflation data. Of course, he did not disclose any potential future policy actions. In this sense, it seems to be a win-win for both Waller and the market."

On August 28, Federal Reserve Chairman Kevin Waller delivered his first speech at Jackson Hole, stating that it is crucial to be confident that core inflation is moving towards the target; otherwise, there is still work to be done. It is difficult to describe financial conditions as restrictive. Inflation data has not shown significant improvement in trends; the Fed's current primary focus should be on prices. The role of forward guidance should be limited. The likelihood of the economy achieving significantly higher growth is increasing. Market participants should focus on real information in the economy and not base forward-looking policies on outdated or inaccurate data. Waller reiterated that the Fed will bring inflation back to the 2% target, which he described as a clear and fixed goal. He stated, "My standard is that we must be confident that underlying inflation is moving towards our target, and the pace must be sufficiently clear and fast. Otherwise, we still have work to do. That is our responsibility." Waller also noted that current financial conditions are not restrictive, and interest rates are the "primary tool" for the Fed to fulfill its responsibilities. He remarked, "Although the PCE and CPI data released this summer were better than expected, they did not convince me that the underlying trend of inflation has shown meaningful improvement." He added, "Market prices reflect that the market believes we will achieve price stability. I can assure you that the market's judgment is correct." Waller further stated that with inflation above 2%, the Fed's "current primary focus should be on prices." He emphasized, "Let us also clarify another aspect of the goal: price stability will not be achieved automatically, and inflation will not necessarily return on its own. Achieving price stability is the Fed's responsibility." Waller expressed that he is impressed by the "overall economic performance, as the economy seems to have strengthened." He added, "One indicator of economic strength is its performance under stress and shocks. In this regard, both the real economy and Wall Street have demonstrated remarkable resilience. Given the current market interest rates and the Fed's unchanged short-term policy rate since last December, the credit and loan markets show almost no signs of policy constraints."