Investors Brace for Powell's Jackson Hole Speech as Rising Yields Threaten S&P 500's Biggest Monthly Loss of 2023

The S&P 500 is heading for its largest monthly loss of 2023 as rising Treasury yields unsettle investors who are anticipating a longer period of higher interest rates from the Federal Reserve. The yield on the 10-year Treasury note has climbed to its highest level since 2007, despite easing inflation. Investors are also concerned about the potential spillover effects from China's economic woes. The stock market is awaiting comments from Fed Chair Jerome Powell at the Jackson Hole Economic Symposium, with fears that the strength of the US economy could lead to tighter monetary policy.