- Jackson Hole looms large as policymakers debate growth, labor, and inflation.
- Liquidity crunch fears rise as the RRP balance falls to its lowest since 2021.
- Auctions in focus: $16bn 20-year Treasuries and $8bn 30-year TIPS will test demand.
- Markets split: A September Fed cut could lift risk assets, but caution prevails until policy signals clarify.