The reporting season and a hawkish US Federal Reserve underpinned financial market moves in August. In Australia as was the case in the US, share markets reached a high in the middle of the month before focusing on the Jackson Hole symposium where cold water was poured over the rally in stocks and bonds. The US Federal Reserve Chairman, Jerome Powel, delivered a hawkish speech with the message that the Central Bank’s resolve to raise rates to fight inflation remains unshaken. Bond prices fell over the month, with the 2-year bond yield in the US reaching its highest level (3.4%) since 2007.