August 2021 – Monthly Commentary
August proved to be the quietest month of an unusually quiet summer. The 10-year Treasury Note had a 13 basis point range for the period. The supposed highlight of the month was to be Chairman Powell’s comments to the virtual Jackson Hole Central Bank meeting on the last Friday of the month. Despite a cadre of Central Bankers calling for an immediate halt to the open market purchases, the Chairman fell short of that mandate, saying the Open Market Committee is likely to commence tapering before the end of 2021.