U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve, July 27, 2022 in Washington, DC.
U.S. Treasury yields fell on Thursday as traders sought clues out of the Federal Reserve's annual meet in Jackson Hole, Wyoming.
The yield on the benchmark 10-year Treasury note dropped nearly 8 basis points to 3.031% after rising on Wednesday. The 10-year yield climbed above the 3% level for the first time in a month earlier this week.
The yield on the 30-year Treasury bond fell about 8 basis points to 3.244%, while the yield on the short-term 2-year Treasury note dropped 1 basis point to 3.374%. Yields move inversely to prices, and a basis point is equal to 0.01%.
Investors will be keenly watching for news from the economic symposium, which is expected to deliver an indication of the U.S. central bank's position on the extent of further rate hikes needed to combat inflation.
Get Tri-state area news delivered to your inbox.> Sign up for NBC New York's News Headlines newsletter.
Jobless claims drifted lower in the week ending Aug. 20, according to the Labor Department on Thursday. A revision for second-quarter GDP showed a smaller decline.
Fed Chair Jerome Powell will deliver a speech at 10 a.m. ET on Friday.
"Powell is likely to stress that policy still has a long way to go before the Fed will feel comfortable it has decisively turned the corner on restoring price stability," Luke Bartholomew, senior economist at Abrdn, said in an email.
Money Report
"This is important because the market has behaved recently as if the Fed has pivoted away from its hawkish stance."
The U.S. dollar has eased against a basket of major currencies this week, sending gold prices to a one-week high as markets await further cues from the Fed.
— CNBC's Elliot Smith contributed to this report.
