Treasury prices are modestly higher this morning amid a weaker tone in risk markets again overnight. A Reuters article suggests the Bank of Japan has begun “stealth tapering” of its ETF holdings according to some analysts, and the Turkish lira fell another 5% versus the dollar ahead of an expected downgrade by S&P. The Fed released the topic of Jerome Powell’s Jackson Hole speech next Friday. The Fed Chair will address “monetary policy in a changing economy.” S&P 500 futures are currently down 7 points, and the 10-year Treasury yield is 2.86%.
Jason Haley
Managing Director, Investment Management Group