Powell finally delivered a direct message. In his Jackson Hole speech, in the opening paragraph, he made it clear that his remarks would be shorter and the message would be more direct. That it was. Very simply, rates still have further to rise, and once there, they will stay there for some time.
Futures, bonds, and dollar markets were already picking up on that message. The only market left out, of course, was equities. In the third paragraph of his speech, it's right there. The Fed is willing to sacrifice growth and face rising unemployment to bring inflation down. He is telling the market there will be no "pivot" anytime soon.
Those two curves are very important for new mortgage holders and for refinancing. They show that the time of stopping of raising of interest rates is moving to the second half of 2023!
Source Seeking Alpha.