Markets began the month adding to July’s rally. However, as the Fed’s annual symposium approached, investors correctly anticipated Chairman Powell’s aggressive stance against inflation. Accepting that rates will continue to rise for the foreseeable future, bonds and notably, commodities, followed equites lower. Although the consumer seems to be securely employed and reasonably healthy, the steep decline in IPO and M&A activity is one sign that the market is waiting for a better footing before putting cash back to work.