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Rate markets moved broadly lower after a senior Federal Reserve official offered one of the clearest directional signals yet that the central bank is not ready to tighten again.
Governor Chris Waller said he is inclined not to lift borrowing costs at the Fed's September meeting, a statement that carried the weight of a board perspective rather than an academic aside.
Waller's remarks landed against the backdrop of a fixed-income market that has been repricing the rate path for some time.
The word "inclined" is doing real work here: it is conditional language, but from a governor it reads as directional guidance, and the Treasury market moved accordingly, with yields falling.
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