The yield on the 2-year Treasury held above 5% on Friday ahead of key comments from Federal Reserve Chair Jerome Powell.
What’s happening What’s driving markets Powell’s speech at Jackson Hole, Wyo., at 10:05 a.m. Eastern, will be watched not just for clues on what he will say about possible Fed moves in the autumn but longer term.
Fed officials speaking on Thursday suggested more rate hikes could be in store, though likely not in September. There’s some speculation that Powell could discuss the Fed’s so-called neutral, or r-star, rate, and whether that has moved higher. “We think Powell’s remarks will emphasize a data-dependent, risk management approach. We also expect him to emphasize the Fed’s commitment to getting inflation to 2%. We do not think he will signal the end of the tightening cycle, nor do we think that he will make any grand pronouncements about a regime shift in interest rates,” said Alex Pelle, U.S. economist at Mizuho Securities.
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