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U.S. Treasury yields were mixed on Thursday, ahead of the Federal Reserve’s Jackson Hole Symposium, as well as the release of economic data.
The benchmark 10-year Treasury bill yield rose less than a basis point to 1.347% at 6:30 a.m. ET. The yield on 30-year Treasury bills fell by less than a basis point to 1.954%. Yields move in the opposite direction of prices and 1 basis point equals 0.01%.
The Fed’s annual Jackson Hole symposium, which brings together central bankers from around the world, will be held virtually on Friday, with numerous central bank speakers making remarks to the media starting Thursday.
Fed Chairman Jerome Powell is then due to deliver remarks at 10 a.m. ET on Friday, with investors listening for any clues as to when the central bank will begin to end its buyout program. minus $ 120 billion in bonds per month.
Chris Watling, CEO and chief market strategist at Longview Economics, told CNBC’s “Squawk Box Europe” Thursday that he believed Powell’s statement on Friday would be “a little more accommodating than the market expects.”
Watling also believed that the Fed would decline more slowly than the market expected, which “would allow the markets to continue to rise.”
The number of jobless claims filed during the week ended August 21 will be released Thursday at 8:30 a.m. ET. Economists polled by Dow Jones expect 350,000 Americans to file for unemployment last week, up from 348,000 the week before.
A second reading of U.S. gross domestic product for the second quarter, measuring the country’s economic growth, is expected at 8:30 a.m. ET.
Auctions are scheduled for Thursday for $ 30 billion in 4-week bills, $ 30 billion in 8-week bills and $ 62 billion in 7-year bills.
– CNBC’s Maggie Fitzgerald contributed to this market report.
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