Markets rallied on the final trading day of the week as Federal Reserve Chair Janet Yellen gave a speech in Jackson Hole about the current status of the US financial system on what is approaching the 10th anniversary after the 2008 financial crisis. The bottom line is that she highlighted how new regs are working but that in some cases need to be adjusted in order to help smaller and midsized banks cope with the paperwork. At the close the Dow gained 31 points to 21,813 on lighter trading volume. For the week the Dow gained about 158 points or 0.7%.
For a good commentary about the current U.S. economic and market conditions, Brian Wesbury, Chief economist at First Trust in Chicago and an honorary member of the Westport Mafia, posted a short video about how it is important to separate the politics and news surrounding our unconventional President with the policies that are driving the economy. That video may be seen here.
Thousands of caged, farm raised, high pitched voice Atlantic salmon escaped from a local Puget Sound fish farm recently when the pen collapsed. Officials are calling them an “invasive species” and urging local fisherman to communicate with these strangers by “dropping them a line”. While some are worried that these Atlantic salmon will mix with wild, free range, deep voiced Pacific King salmon, the local Fisherman’s Journal reported that there is no record of this ever having occurred and the only way it will happen is if the Atlantic Salmon head up local rivers and spawn. This begs the question….What does a salmon say when he runs into a wall?........ Dam!