<div></div><hr/><div><div><img src="/images/icons/print-icon.svg" alt="print-icon" original-src="/images/icons/print-icon.svg"/></div></div><div><div><img src="/images/icons/premium-content.svg" alt="premium-content" original-src="/images/icons/premium-content.svg"/><span class="PremiumBadge_hideOnMobile__4mcBV">Premium</span></div></div><h1>&#34;Equities Are At Greater Risk Of Jackson Hole Shock Than Is Priced In&#34;: How One Bank Is Hedging This Week's Main Event</h1><div><img alt="Tyler Durden's Photo" src="https://imageproxy.pbkrs.com/https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/thumbnail/public/pictures/picture-5.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="200" height="200" original-src="https://imageproxy.pbkrs.com/https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/thumbnail/public/pictures/picture-5.jpg"/><div>by Tyler Durden</div></div><div>Wednesday, Aug 23, 2023 - 02:25 AM</div><div><div></div><div><p>Yesterday, we previewed this year's Jackson Hole Economic Symposium, which this year takes place Aug 24-26 (Chair Powell scheduled to speak on Friday at 10:05am ET), and while we discussed the various things Powell may, and likely will say, it's worth noting that the Chairman's speech has a history of causing volatility in markets.</p><p>It certainly was the case last year, <strong>with the S&amp;P selling off -3.4% the day Powell spoke, </strong>which was 2.7x more than what options markets were implying.</p><p>Back then equities were the asset class most reactive to Powell’s hawkish speech, in line with a strong dynamic at the time of S&amp;P gamma paying off during macro events like important data releases and FOMC meetings.</p></div><span class="NodeContent_footerStat__1nFUq ViewCount_container__wLSq9"><i></i><span></span></span><div>Loading...</div></div>

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