Closing price close to weekly high

If Friday was an example of how planned events create movement in the bond market, it was Powell’s appearance at Jackson Hole that did the heavy lifting. In that respect, everything went logically and quite ideally. Powell firmly confirmed the Fed’s policy change, although he gave no indication of the size of the upcoming September rate cut. Bonds rallied immediately after Powell’s prepared remarks were released, and since there was no question-and-answer session, that was the end of the day. MBS and Treasuries reached their highs moments later, and both are selling at almost exactly the same level.