The 2-Year Heard 'Work to Do.' The 30-Year Barely Moved.
Chair Kevin Warsh's first Jackson Hole keynote set a standard, not a path: 2% PCE is firm, and if underlying inflation is not moving there clearly and fast, the Fed has work to do. The two-year jumped toward 4.34%; September hike odds roughly doubled from Thursday. The 30-year sat near 5.20%.