Fed chair may leave door open to higher interest rates in Jackson Hole speech

Analysts said there was still scope for Powell to rattle markets already uneasy about the recent increase in US long-term borrowing costs. The yield – or interest rate – on 10-year US Treasury bonds rose to the highest level in 16 years this month after official figures showed faster than expected growth.

“I expect Powell to highlight that each meeting is ‘live’, meaning rates can increase further from here and that the Fed will be data-dependent in its assessments. Given low liquidity levels in August markets, any surprises from Powell could move markets meaningfully.”

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