Stocks rebounded last week, but the real story came out of Wyoming, where Fed Chair Kevin Warsh used his Jackson Hole keynote to signal that inflation remains a top concern and that the Fed may not be finished tightening. Several regional Fed presidents, including Cleveland's Beth Hammack, Dallas's Lorie Logan, and Minneapolis's Neel Kashkari, echoed that hawkish tone in their own remarks. Markets initially shrugged off the comments on Friday, but sellers took over as the session wore on, pushing short and intermediate-term Treasury yields higher. With the Fed signaling it wants to say less about future moves rather than more, investors may be left parsing every word for clues on where rates go next.

Stocks fell last week as rising oil prices fueled inflation concerns and pushed global bond yields higher. The S&P 500 declined 1.43%, while the Nasdaq fell 2.05% and the Dow slipped 0.85%. Markets stabilized midweek after the Treasury announced plans to increase buybacks of longer-term debt, helping ease some pressure on yields. Investors now turn to key economic data and a busy earnings calendar, highlighted by Nvidia, CrowdStrike, Salesforce, and other major technology companies.

Inflation is often reduced to a single number: 3%, 4%, or whatever the latest headline says. But there’s more to the story. The government publishes several inflation measures, each designed to capture a different view of how prices are changing. CPI, CPI-W, CPI-E, and PCE can tell very different stories—and the inflation rate that matters most may be the one reflected in your own spending habits. For retirees and households with higher healthcare costs, that difference can be especially important.

Stocks posted modest gains during a quiet summer week as cooler inflation boosted investor optimism, while weaker retail sales tempered sentiment. The S&P 500 and Nasdaq extended their winning streaks to three weeks, despite a modest decline in the Dow. Investors now turn to the Fed’s July meeting minutes, upcoming economic data, and major corporate earnings reports for further clues about the market’s direction and the outlook for interest rates.