Today's Jackson Hole symposium couldn't have been any more anticlimactic even if this year's topic were "How to Deliver Anticlimactic Speeches on Monetary Policy."  Although this was widely expected to be the case, understand that there's a lot of history with the Jackson Hole event.  Traders are slow to let go of memories of J-Holes past when the Fed chair might drop a never-before-seen hint about upcoming policy changes.  Today's speeches go a long way in confirming such hints are things of the past.

All that to say that it was understandable that traders were waiting for Yellen and Draghi today, and it's similarly understandable that stocks and bonds both ended the week very much inside their recent ranges.  Bonds got the better end of the deal by effectively matching their best closing levels since late June.

Next week is looking vastly more interesting with a rather large glut of economic data culminating in NFP Friday.  NFP is mentioned only as a force of habit really, because it's the PCE data on Thursday that has the bigger market movement potential (because the Fed is looking for inflation, not jobs).  Add to that the fact that Thursday is "month-end" and we stand a fairly good chance of breaking out of at least one of the recent ranges (narrow/sideways or narrow/rally).