It may be that today’s selloff to ~1.37%, the mid-August range top and a key Fibonacci level, provides enough solace for trading accounts to cover short but not necessarily get long. That puts 1.422%, the July 14 high, as the next stopping point. A move towards the latter could make the Jackson Hole meeting more market moving than anticipated, even if it’s just to bring Treasuries back to where they started the week.