Jerome Powell’s speech at Jackson Hole saying that additional rate hikes are still on the table was perhaps disappointing to some investors, but not exactly surprising. The market’s reaction on Friday showed investors took the hawkish tone largely in stride with long-term Treasuries actually moving modestly higher on the day. Overall, the risk-off trend continues to slow-build and it looks like investors’ willingness to bid up tech shares to ridiculous valuations is fizzling out.