Source: US Dept. of Treasury End of Day
• Interest rates moved lower during the week with the 2-year Treasury note yield falling by five basis points to 3.71% while the 5-year Treasury note decreased by seven basis points to 3.77%.
• Federal Reserve Chair Jerome Powell gave his long-awaited speech from the Fed’s annual Economic Symposium where he signaled that the FOMC is likely to lower the policy rate at their upcoming meeting slated for September 17th.
• Chairman Powell pointed to the “shifting balance of risks” as support to soon ease policy in a sign that the FOMC is placing more concern on the full employment side of their dual mandate.
• While markets currently give an almost 90% probability for a rate cut in September, it is not certain, and the Fed will have one more jobs report and two more inflation reports to digest before they convene.
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