India, Aug. 22 -- Treasuries moved sharply higher during trading on Friday, as traders reacted to Federal Reserve Chair Jerome Powell's highly-anticipated speech before the Jackson Hole Economic Symposium.
Bond prices surged early in the session and remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slumped 7.0 basis points to 4.260 percent.
While Powell touched only briefly on the outlook for monetary policy, his remarks increased investor confidence that the Fed will lower interest rates next month.
Powell noted the labor market remains near maximum employment and inflation has come down a great deal from its post-pandemic high but cautioned "the balan...