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Nvidia (NVDA.O) launched Spectrum-XGS Ethernet to help connect distributed data centers into gigabit-scale artificial intelligence superfactories.

On August 22, Swissquote senior analyst Ipek Ozkardeskaya said, "Today's situation is quite interesting because we see the Fed, or at least Powell, shifting to a more dovish stance to support a weakening job market. So this is actually a dovish shift we're seeing in Fed policy, which is consistent with recent market expectations. The Fed is now preparing to provide the market with that 25 basis point rate cut, at least as the market expects, which has obviously caused a lot of excitement."

U.S. Treasury yields continued to fall, with the two-year yield now down 10.6 basis points to 3.685%.

On August 22nd, Helen Given, head of trading at Monex USA, reported that dollar shorts returned strongly today following Powell's speech at Jackson Hole and Trump's threat to fire Fed Governor Tim Cook. The first concrete move naturally came when Powell indicated that downside risks to the job market were becoming increasingly important in Fed decision-making. The reaction we saw in the foreign exchange market is directly related to the significant increase in the probability of a 25 basis point rate cut in September, as Powell decisively left the door open today. Traders also see a significant possibility of another 25 basis point rate cut this year, and the overnight swaps market is heavily betting on significant easing in the first half of 2026 for the first time. Trump's comments about Cook have reignited concerns about the independence of the Federal Reserve, as the administration increasingly appears to be seeking to reshape the central bank into its idealized form. If Trump secures the rate cuts he hopes for from Powell and his colleagues in the second half of the year, he may be able to remain chairman for the rest of his term, but the market remains skeptical that any Fed action this year will satisfy Trump.

Canada will exempt several U.S. goods from tariffs under the United States-Mexico-Canada Agreement.

Will Hartman, economist at BMO Capital Markets: While Powell has set the tone, other Fed officials will still say more.

On August 22, market analysts said that in addition to reiterating that the Federal Reserve will not deviate from its dual mission of "price stability and full employment", Powell avoided directly mentioning the political pressure the Federal Reserve is facing in his speech. In July this year, when asked by reporters, he emphasized the importance of central bank independence.

Tip: Federal Reserve Chairman Powell finished his speech, and the last stop of his Jackson Hole central bank annual meeting came to an end.

Indian Trade Minister: India-US relations are of vital importance; India-EU trade negotiations have made rapid progress; India will continue to safeguard its national interests and take into account its own sensitive issues in trade negotiations; geopolitical considerations will not influence India's trade agreements.

On August 22nd, Federal Reserve Chairman Powell was still speaking, but his Jackson Hole speech had already ignited bullish sentiment on Wall Street. David Laut of Abound Financial wrote, "Powell's dovish tone at Jackson Hole suggests the Fed is ready to cut interest rates in September." Powell stated that monetary policy will be data-driven, while also noting that employment faces headwinds while inflation expectations remain anchored. Laut stated, "While there will be another jobs report before the September meeting, it's clear that the Fed already has enough data to justify a September rate cut."

U.S. 2-year and 3-year yields fell more than 10 basis points during the day.

On August 22, market analysts said it was noteworthy that Powell remained open-minded about how tariffs would ultimately affect prices, and warned that this could mean faster inflation. The following is the relevant part of his speech: "However, the upward price pressure from tariffs could also trigger more persistent inflationary dynamics, which is a risk that must be assessed and managed."

Federal Reserve Chairman Powell: There is no preset path for monetary policy. FOMC members will make decisions based solely on their assessment of the data and its impact on the economic outlook and the balance of risks. We will not deviate from this course.

On August 22, market analysts said that Powell emphasized that the Fed's decisions are always driven by data, which can also be interpreted as a response to political pressure. He said: "Monetary policy is not a preset path. Members of the Federal Open Market Committee (FOMC) will make decisions based solely on their assessment of the data and its impact on the economic outlook and the balance of risks. We will never deviate from this approach."

Shares of U.S. steelmakers rose.