Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon, today is Friday, August 25th, and I'm your host, Kim Kahn.

Our top story so far.

Bruce Springsteen is giving audiences around the world more than three hours of his

greatest hits.

Fed Chairman Jay Powell gave Jackson Hole just 20 minutes of his today.

Powell played it safe in as much anticipated speech sounding familiar notes on monetary

policy. The something for the doves, something for the Hawks approach was reflected in the stock action as the major averages

bounced around sharply during and after his remarks.

Powell said the Fed is prepared to raise rates further if appropriate but also said given

how far they have come at upcoming meetings we are in a position to proceed carefully

as we assess the incoming data and the evolving outlook and risks. He added that the effects of

monetary restraint should show through more fully over time. Michael Brown,

analyst at Trader X, called it a cut and paste from the July FOMC.

For those looking for the Fed's thoughts called it a cut and paste from the July FOMC.

For those looking for the Fed's thoughts on our star or the neutral rate given the recent rise

in real yields, Powell pretty much waved the white flag saying they cannot identify with

certainty the neutral rate of interest

and thus there is always uncertainty about the precise level of monetary

policy restraint. As for market reaction buyers and sellers slugged it out on the

equity market.

As of recording, the S&P is off a third of 1% and the NASDAQ is also off a third of 1%

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