An uptick in the unemployment rate and the rising value of the yen caused volatility early in the month as the market gauged whether the Fed was behind the curve on rate cuts while traders sold positions funded by borrowing yen. After the repositioning settled down, Fed Chairman Powell provided the clearest signal yet that the first rate cut will come in September while forecasts for economic growth in the US remained solid. Large cap equity and fixed income markets gained with the shift in policy tone.