The Fed Chair’s speeches at the annual Jackson Hole meeting have often been used to convey a change in policy from the central bank. Powell’s use of “proceed carefully” means no rate move is likely in September. A rate hike in November is data-dependent, which makes Friday’s jobs data a must-watch.

Warren Buffett’s Berkshire Hathaway recently revealed new purchases of three U.S. homebuilder stocks. The purchases are notable given the challenges evident in the soaring mortgage rates and falling home sales.

Berkshire’s $348 billion very concentrated investment portfolio remained at 48 companies, with tech, consumer staples, and financial stocks the most significant exposures. Three holdings were eliminated, five decreased, two increased, and Berkshire made three new purchases of homebuilders.

The July CPI reading was better than expected at 3.2% year-over-year versus expectations, down from the over 9% peak. While headline inflation was friendly, the details contain some ominous signs that the inflation battle is far from over, and the Fed might be forced to hike again.

With the end of the season in sight, earnings are almost sure to end better than expected. While profits have probably bottomed, rising yields are competing against stocks. The CPI inflation reading on Thursday will be closely watched for clues about the need for more Fed rate increases.

Berkshire Hathaway’s resilient earnings illustrated the value of its diversified business mix as it added to its cash hoard. Berkshire reduced its public stock investments, including Chevron, but continued to buy back its own shares at a slower rate.