August 22, 2025 09:43 PM GMT US Rates Strategy | North America The Bull Steepener 'Stampede' At his final Jackson Hole Symposium keynote speech, Chair Powell sounded dovish and Treasury yields followed. A large index extension during a likely quiet, pre-Labor Day week should lock in positive August UST market returns. Suggest adding to curve steepeners on any index extension-related flattening. Key Takeaways Please add me to your distribution list. M Idea Morgan Stanley & Co. LLC Matthew Hornbach Strategist ...