This week still comes down to one speech: Fed Chair Warsh at Jackson Hole on Friday. But Wednesday’s data set the mood. The Fed’s favorite inflation number, core PCE, was soft for the month but still stuck at 3.3% for the year, and the growth figures underneath were strong. Traders read that as “rates stay high for longer,” so the dollar rose, bond yields rose, and gold fell hard after touching three-month highs. The other big mover was oil. On Tuesday, hopes of an Iran deal knocked oil down more than 4%. On Wednesday, a report that Russia is stepping up attacks on Ukraine pushed it partly back up. So oil is now being pulled in two directions at once.