Overall low volume, hyperbolic moves in specific equities, stagnant government credit market. Wait, I apologize. This article is supposed to be about the week just passed and the setup for next week, not commentary on the last 18 months. I am being only slightly facetious since those characteristics are shared by each, give or take an isolated instance here or there.
Machines continue to keep the market in check while stirring volatility underneath. Focusing on the week that is, all that mattered was the aftermath of Janet Yellen's Jackson Hole comments and the follow-up supporting commentary from Stanley Fischer, both in the outstanding Steve Liesman interview last Friday and the reiteration of his hawkish position this week. Of course, all else, including the weak ISM and the inflationary labor unit cost release on Thursday, were mere cocktail fodder leading up to the nonfarm payrolls report on Friday.