Short-term US Treasury yields fell sharply on "Powell Pivot Day", with the two-year Treasury yield dropping more than 9.4 basis points, and real interest rates falling by approximately 13 basis points this week

At the New York closing on Friday (August 23), the yield on the 10-year US Treasury benchmark bond fell by 5.50 basis points to 3.7971%. According to the speech at the Jackson Hole Global Central Bank Annual Meeting, Federal Reserve Chairman Powell's "pivot" led to a short-term drop of 6 basis points, with a cumulative decline of 8.55 basis points this week. The yield on the 2-year US Treasury bond fell by 9.46 basis points to 3.9090%. Before Powell's speech, it hit a daily high of 4.0188%, then dropped to a daily low of 3.9005% at 02:16 Beijing time, approaching the daily low of 3.8886% set on August 22 at 02:00. The yield has fallen by 13.86 basis points this week