Interest rates fell and the yield curve continued to steepen throughout August. The 10-year Treasury yield ended at 3.91% and the 2-year/10-year spread moved to nearly flat, after more than two years of inversion. On the heels of cooling inflation data and a downward revision of 12 months of payrolls, Fed Chair Powell delivered a speech at Jackson Hole that indicated the pivot of monetary policy focus from inflation to labor may be complete.

To receive the full market review, please contact us at [email protected] or subscribe to the monthly market review on our contact page.