Treasurys reverse as Fed Chair Jerome Powell sets out a plan to allow for higher inflation in his virtual Jackson Hole speech. The 10-year Treasury yield pares its decline to less than 1 basis point to 0.69%. Earlier yield fell by almost 4 bps.Gold gains 1.6% to $1,982.90 per ounce.Powell said the central bank will use a flexible form of inflation averaging. "In seeking to achieve inflation that averages 2% over time, we are not tying ourselves to a particular mathematical formula that defines the average," he said.The Fed also plans to review its policy framework roughly every five years, he said.In early trading, S&P 500 and Nasdaq gain 0.2% and the Dow rises 0.4%.Bitcoin perks up 0.8% to $11,570.77.
