The S&P 500 ended a roller-coaster month with a 2.43% gain, almost entirely recouping an 8.5% July 16 through August 5 pullback. The large cap benchmark index closed August just 0.33% below its most recent all-time high, posting its fourth straight monthly gain, its longest stretch of gains since March. A weak jobs report and a jump in the unemployment rate to nearly a three-year high of 4.3% were the primary culprits behind the early August pullback. Subsequent economic data affirmed the Fed’s soft-landing view that culminated with Fed Chairman Powell’s Jackson Hole speech saying the time has come to begin reducing interest rates. Financial markets are currently pricing in 63% odds for a 0.25% rate cut with a 37% chance for a deeper 0.50% rate reduction this month.