Jerome Powell speaks at the annual address at Jackson Hole. If he says rates have to go higher, the market will drop, conversely. expectations of lowering rates will see a euphoric market go higher.
There are 4000 US banks that have exposure to commercial real estate, with offices not returning to full, companies with work at home policies are relinquishing leases leaving the owners with little income, rising rates has made it worse and they are returning the keys to the mortgage holder (banks). That won't produce any income for them either. Slow ticking time bomb. See the XSO thread for the video.
