U.S. Treasury yields rose slightly Friday morning, ahead of long-awaited Federal Reserve Chairman Jerome Powell’s speech at the central bank’s Jackson Hole symposium.
The yield on the 10-year benchmark added less than one basis point and advanced to 1.346% at 4 a.m. ET. The yield on the 30-year Treasury bond rose less than one basis point to 1.941%. Yields move inversely to prices and a basis point equals 0.01%.
Powell will have to speak at this year’s Jackson Hole virtual summit at 10 a.m. ET, with investors watching any detail of when the Fed might try to cut its easy monetary stimulus.
Dallas Fed Chairman Robert Kaplan told CNBC Thursday that he would like the central bank to announce a settlement of bond purchases in September.
Kaplan said he was concerned about inflation and over-taking risks that have caused “distortions” in financial markets, especially bonds.
Tom Graff, portfolio manager and head of fixed income at Brown Advisory, told CNBC’s “Squawk Box Europe” on Friday that there does not appear to be “any QE (quantitative easing) benefit at this time and (probably) is doing some damage to the money market space “.
As for the data, July’s personal income and expense figures are due to be released Friday at 8:30 p.m.
The July personal consumption expenditure price index, which shows any change in the prices of goods and services purchased by consumers, will also be posted at 8:30 am ET.
The final data on University of Michigan consumer sentiment for August will be released at 10 a.m. ET.
– CNBC’s Jeff Cox contributed to this market report.