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U.S. Treasury yields edged lower in Asian trading as investors awaited Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium.
The 2-year yield dipped 0.7 basis points to 3.784%, while the benchmark 10-year yield eased 0.2 basis points to 4.328%, according to Tradeweb.
Markets largely expect Powell to avoid any major policy surprise. Instead, he is likely to frame the discussion around long-term structural challenges such as aging demographics, slower productivity, and the limits of monetary policy in addressing supply-side shocks. With September rate cuts already priced in, traders are focused on the Fed’s guidance regarding the pace and depth of easing.
The modest decline in yields reflects defensive positioning. Investors appear reluctant to take large directional bets until Powell’s tone is clear. If he stresses risks to growth and signals flexibility, yields could fall further as markets reinforce bets on aggressive easing. Conversely, if Powell leans on economic resilience, yields may retrace higher as markets temper expectations for rapid cuts.
The outcome of Powell’s speech carries weight beyond Treasurys. Equity markets are hoping for confirmation that easing will extend the cycle, while the dollar could weaken further if Powell’s tone tilts dovish. At the same time, a focus on long-term themes without near-term policy clarity may fuel volatility across asset classes.