A Good Month to Be Grateful
What a month!
Kane and I got the chance to meet Jaxon Smith-Njigba on the field before the game. As an Ohio State family, that one was pretty special. Moments like that are why you stay connected to the game.
On the golf course, Scott Fowler and I won the Lionsgate member-member tournament. Couldn’t have asked for a better partner or a better weekend.
And to close out the month, we celebrated Angie’s civilian retirement at 801 Chophouse. After an outstanding military career and years as a Nurse Practitioner, she more than earned it. Couldn’t be prouder of her.
Grateful for all of it.
A Look Across the Market
August 2026 Market Snapshot
Here’s a quick snapshot of how markets moved recently:
Stocks bounced back in August.
Tech earnings came in strong and drove a solid recovery across the sector. Energy stocks also moved higher as tensions between the U.S. and Iran escalated again. Emerging markets led the way, helped by their exposure to energy.
Rates kept climbing.
The 30-year Treasury touched 5.33% in August, its highest level since 2007. Concerns about fiscal responsibility, softer demand from foreign buyers, and a heavy wave of corporate debt issuance all pushed long-term rates higher. Then late in the month, Fed Chair Warsh made hawkish remarks that pushed short-term rates up too.
Jackson Hole set a new tone.
Fed Chair Warsh gave his first Jackson Hole speech in late August. The market read it as hawkish. Short-term yields rose, expectations for a September rate cut moved to 50%, and stocks pulled back to close out the month.
Earnings season wrapped up strong.
As Q2 earnings season wound down, S&P 500 companies grew earnings roughly 50% year over year. Strip out gains on equity investments and that number is still around 32%, with more than 85% of companies beating on the bottom line. AI continued to be the story — tech stocks rallied throughout the month.
What We're Watching Right Now
Fed Chair Signals Inflation Fight Isn’t Over
In his first major speech as Fed Chair, Kevin Warsh said Friday that while recent inflation readings were better than expected, they do not signal that underlying trends have meaningfully improved. Following the remarks, traders raised the odds of a rate hike at the September meeting to just over 55 percent, and Treasury yields moved higher.
For anyone watching mortgage rates, bond yields, or the cost of borrowing, this is a good moment to revisit how your fixed income and cash positions are set up for a rate environment that may stay elevated a while longer.
22 years in the Air Force will do something to you. For Joe, it built one habit that never went away: show up every single day, no excuses.
Joe Harrish
