The two-year U.S. Treasury yield fell more than 9 basis points on the day of Powell's speech

On Friday (August 22), at the New York close, the yield on the U.S. 10-year benchmark Treasury bond fell by 7.39 basis points to 4.2537%. At 22:00 Beijing time, when Federal Reserve Chairman Jerome Powell spoke at the Jackson Hole Global Central Bank Annual Meeting, the yield plummeted from above 4.3% to nearly 4.24%, followed by continued low-level fluctuations. This week, it has cumulatively decreased by 6.22 basis points, showing an overall M-shaped trend, trading in the range of 4.3511%-4.2402%. The yield on the two-year U.S. Treasury bond fell by 9.54 basis points to 3.6963%. After Powell released dovish signals, it also dropped from the 3.78% level to below 3.7%, followed by continued low-level fluctuations. This week, it has cumulatively decreased by 5.42 basis points, trading in the range of 3.8040%-3.6732%