10-Year Treasury Note futures rallied, pushing yields lower to 4.25% after the Fed Chair's comments at the Jackson Hole symposium suggested he is open to a rate cut at the September FOMC meeting. The market is now pricing in two 25 basis point rate cuts in 2025. Volatility was lower on the day but remained higher on the week. The market is now looking ahead to two, five, and seven-year note auctions.