U.S. Treasury yields mixed Thursday, ahead of the Federal Reserve’s Jackson Hole symposium, as well as the release of economic data.
The yield on the 10-year cash reference note rose less than one basis point to 1.347% at 6:30 am ET. The yield on the 30-year Treasury bond fell less than one basis point to 1.954%. Yields move inversely to prices and a 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 Friday, and many central bank speakers will make statements to the media starting Thursday.
Then Fed Chairman Jerome Powell is due to make statements at 10 a.m. ET on Friday, and investors will hear any clues as to when the central bank will begin ending its $ 120 billion purchase program. dollars a month.
Chris Watling, CEO and chief market strategist at Longview Economics, told CNBC’s “Squawk Box Europe” on Thursday that he believed Powell’s statement on Friday would be “a little more obvious than the market expects.”
Watling also believed the Fed would shrink more slowly than the market expects, which would “allow markets to keep moving forward.”
The number of jobless claims filed during the week ending Aug. 21 will be posted at 8:30 a.m. ET on Thursday. Economists surveyed by Dow Jones expect 350,000 Americans to report unemployment last week, compared to 348,000 the previous week.
A second reading of U.S. gross domestic product for the second quarter, which measures the country’s economic growth, is due to be released at 8:30 a.m. ET.
Auctions of $ 30 billion in 4-week bills, $ 30 billion in 8-week bills and $ 62 billion in 7-year bills will be auctioned on Thursday.
– CNG’s Maggie Fitzgerald contributed to this market report.