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Jackson Hole, Russian troops and Europe’s energy crisis.The wait is over as today brings Fed Chair Jerome Powell's keynote speech at Jackson [View in browser]( [Bloomberg]( Jackson Hole, Russian troops and Europe’s energy crisis. Powell’s moment The wait is over as today brings Fed Chair Jerome Powell's keynote speech at Jackson Hole. Anticipation is high as investors [cancel trips to the pub]( and push back soccer practice in order to be ready for any market upsets. For the first time in the Wyoming event's 40-year history, the remarks will [be livestreamed](. Kansas City Fed President Esther George, hosting the event for a final time, quipped in after-dinner remarks that attendees should watch the pace of their hiking on the park trails. Russia troops President Vladimir Putin ordered his army to [boost troops]( by 137,000 to 1.15 million — the highest level in more than a decade — as Russia digs in for its war against Ukrainian forces. Putin’s brief decree, published on the Kremlin’s website, didn’t explain the motivation for the increase or where the new recruits would come from. Russia has turned to private military contractors, local “volunteers” and recruits from among prison inmates to replenish the losses suffered in six months since the invasion. Russia’s advances have stalled in recent weeks and the [military]( is under growing pressure to deliver on the Kremlin’s promised goals. Energy crisis UK households will pay [almost triple]( the price to heat their homes this winter compared with a year ago, a jarring increase for millions of people already struggling to afford everyday essentials. The higher cap, which was in line with analyst estimates, escalates the economic pressures on Britons paying increasingly more for everything from food to furniture. Meanwhile, Germany is looking [at restricting]( the companies able to benefit from a new gas levy just to those that really need the assistance, with the scrutiny following an outcry over soaring profits at some energy companies. Stocks slip US [stock futures slipped]( while Treasuries retreated after a chorus of hawkish Federal Reserve speakers set the stage for the much-anticipated speech later. S&P 500 futures fell 0.3% and Nasdaq 100 declined 0.5% as of 5:45 a.m. New York time. In Europe, media, travel and retailers weighed on stocks, with the Stoxx 600 down 0.2%, approaching Thursday's lows. The Bloomberg Dollar Spot Index was unchanged on the day. Coming up... Yes, there’s the big event. But there’s also a bit of data on the calendar, with US July PCE deflator, personal spending and income all on the docket. Later on, Baker Hughes will deliver the US oil rig count. Earnings include JinkoSolar. What we've been reading Here's what caught our eye over the last 24 hours. - Home Partners of America will stop buying homes in[38 US cities]( - Rivers, canals and reservoirs are [running dry](. - Listening to [European energy]( traders is scary. - Buffett’s [banker’s BBQ]( bet gets smoked. - The most popular [password manager was hacked](. - Paul Allen’s estate puts [$1 billion in art]( up for auction. - The rise of [tiny Men’s timepieces](. And finally, here’s what Garfield’s interested in this morning The relief rallies that followed a softer-than-expected July US CPI print are a distant memory indeed. Fed officials and their global counterparts are clear they will do whatever it takes in the way of interest-rate hikes to tame inflation. As the clock ticks down to Powell’s opening speech, the Treasuries market has rarely been this fearful with the MOVE index of implied volatility remaining elevated. Hedge funds set their latest big short in anticipation an ultra-hawkish Powell will send rate-hike bets soaring. The potential for central bank aggression was highlighted by news that the boards of the the St. Louis and Minneapolis Fed branches voted in July for a full percentage point increase in the discount rate — a measure that governs banks’ cost to borrow from the Fed and which was ultimately raised three-quarters of a point along with the US central bank’s main rate. With bonds, stocks and commodities moving in near lockstep, the potential for market shocks is high. That’s not even taking into account the dangers for assets as the Fed shrinks its bloated balance sheet, something Bridgewater reckons could send bonds and stocks down 25%. The global outlook is similarly tense. Traders ramped up bets on European and UK tightening to stop the spike in energy costs from entrenching inflationary expectations. Adding to the European Central Bank’s burden, it looks like even a jumbo rate hike won’t get the euro back above parity. New Zealand’s Reserve Bank — a pioneer more than 30 years ago of inflation targeting — signaled a willingness to go above 4% with its cash rate. Around the globe, from Iceland to Israel , the hiking trails are aiming to make consumer spending fall back down the mountain. Follow Bloomberg's Garfield Reynolds on Twitter [@GarfieldR1966]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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