Lawrence G. McMillan is president of McMillan Analysis, a registered investment and commodity trading advisor. McMillan may hold positions in securities recommended in this report, both personally and in client accounts. He is an experienced trader and money manager and is the author of “Options as a Strategic Investment.” www.optionstrategist.com.

Some market participants will have in their minds Powell’s Jackson Hole comments in 2022, when the Fed Chair delivered what Emanuel calls his stern inflation-is-job #1-and-we-are-just-going-to-keep-hiking speech. Stocks did not react well to that.