Welcome to the Real Vision Daily Briefing. It's Friday, August 27th, 2021. I'm Ash Bennington joined

by our own Jack Farley and our guest today, hedge fund telemetry's Tom Thornton. Here's

what we're looking at. Jackson Hole Symposium underway in remarks at the Jackson Hole

Economic Symposium. Fed Chair Jay Powell said that the U.S. economy has made,

quote, clear progress toward maximum employment while adding that substantial slack remains

in the labor market. Powell went on to say that the Fed has seen more progress in economic growth,

suggesting that the Fed may find it appropriate to withdraw, to continue the taper, to begin the

taper, I should say, in this year, in 2021. The Chair also reaffirmed that even after asset purchases

end, our elevating holdings of securities will continue to continue to, quote, support a

accommodative financial conditions. Jack, what are you looking at? Well, Ash, the market loved the

news. The market liked what Jay Powell had to say, the Nasdaq soaring higher on his address.

The dovish remarks took some gas out of the dollar and it eased the vix two and a half points

now standing at about 16 treasury notes and bonds rallied modestly with yields falling most

precipitously at the belly of the curve. Ash? Yeah, so let's take a look at PCE and personal

income and consumption expenditures. Personal income rises considerably for July, up 1.1% month over

month. It's a blowout over the consensus range, which was minus 1.5 to positive 0.6. This is

from a prior month rise of 0.1%, prior month revised up to 0.2%. Personal consumption expenditures,

it's a miss, up 0.3% actual month over month, a range of 0.2% to 0.9%. Prior month up 1.1%,

up revised 1.2%. So you see this strange thing happening here where you see effectively

personal income and personal consumption expenditures moving in opposite directions relative

to the consensus relative to prior month. What does it mean? We'll talk a little bit more about

that. By the way, PCE price index up 0.3% month over month, dead center of the range,

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