- Janet Yellen's afternoon speech jolted the Treasury market out of a late-session Friday slumber, with the 10-year yield jumping five basis points to touch 1.80% for the first time since early June.
- While not commenting on current policy, the more theoretical speech suggested the Fed ought to consider letting the economy/inflation run hotter than would otherwise be advised in order to heal the still-active wounds from the financial crisis.
- "I didn't hear, 'We are going to tighten in December,'" Jeff Gundlach tells Reuters. "I think she is concerned about the trend of economic growth. GDP is not doing what they want."
- Earlier: GDPNow pared its forecast of Q3 growth to just 1.9%.
- TLT -1.4%, TBT +2.8%
- ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, UBT, DLBS, TLO, VUSTX, DLBL, TYBS