Global markets navigated heightened geopolitical tensions and central bank anticipation. Equities saw pressure as trade friction escalated and commodities reacted to Middle East developments.
US-Canada trade talks collapsed, with Canada vowing retaliation after 50% US tariffs on Canadian cars. Reports also suggested new US tariffs on Chinese goods and an "economic D-Day" against Iran, impacting oil prices which slid 2%.
Jackson Hole's upcoming speeches, particularly Warsh's debut, generated significant bond market anxiety, with futures sliding ahead of the "pivotal week." Gold rallied to a three-month high.
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Watch for further Jackson Hole commentary and developing trade relations.