U.S. Treasury yields fell on Thursday morning, following a dovish message on monetary policy from Federal Reserve Chairman Jerome Powell in the previous session.
The yield on the benchmark 10-year Treasury note fell 3 basis points to 1.326% at 8:32 a.m. ET. The yield on the 30-year Treasury bond dipped 4 basis points to 1.944%. Yields move inversely to prices and 1 basis point equals 0.01%.
In a testimony on Wednesday, Powell told the U.S. House Financial Services Committee that the U.S. economy is “a ways off” from where it needs to be for the Fed to tighten its easy monetary policy.
Powell is due to speak in front of the Senate Committee on Banking, Housing and Urban Affairs at 9:30 a.m. ET on Thursday.
The U.S. Labor Department reported weekly jobless claims totaled 360,000, as expected by Dow Jones economists, for the week ended July 10, compared to 373,000 the week prior. The latest data marks a new pandemic low.
Auctions are due to be held Thursday for $40 billion of 4-week bills and $35 billion of 8-week bills.
— CNBC’s Maggie Fitzgerald contributed to this market report.
