(Bloomberg) — Federal Reserve Chair Janet Yellen’s speech Friday was hawkish enough for Goldman Sachs Group to boost the odds of a September interest-rate increase, while Pimco said there was nothing of note in her remarks.

Bond traders agree with Goldman Sachs, with the market-implied probability of action next month rising after Yellen said the case for tightening policy has strengthened. The bank, one of the Treasury market’s 23 primary dealers, now puts the "subjective odds" of a move in September at 40% from 30% previously, economists led by Jan Hatzius wrote in a note.

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