The FOMC fell in line and served up an expected "hawkish rate cut". However, both Oracle and Broadcom – key players in the A.I. boom – saw their shares sink for different reasons, with the common denominator being A.I. valuation concerns. Yields were higher and gold rallied.
After drifting lower much of the week, US stocks and bonds got a significant uplift on Friday from Fed Chairman Powell's comments at the Jackson Hole Economic Symposium.
