U.S. Treasury yields rose on Thursday as investors considered what could be next for interest rates after Fed Chair Powell gave hints about the policy outlook.
Yields and prices move in opposite directions. One basis point equals 0.01%.Investors weighed the outlook for interest rates after Fed Chair Powell said on Wednesday that policymakers are. Speaking at a European Central Bank forum in Sintra, Portugal, on Wednesday, Powell also said he would not exclude the possibility of rate hikes being announced at consecutive Fed policy meetings.
In recent weeks, he had suggested that inflation is still running too high and rates needed to go higher in order for it to come back down. This has sparked concerns among many investors who fear keeping rates elevated for longer or increasing them more will drag the U.S. economy into a recession. PowellWednesday, saying an economic downturn was possible, but not "the most likely case."
Further remarks are expected from Powell on Thursday, when he is slated to speak with the governor of the Bank of Spain at a conference in Madrid, Spain. Also on Thursday, initial weekly jobless claims figures and pending home sales data are due. Investors are also looking ahead to Friday, when key inflation data in the form of the personal consumption expenditure price index is due.
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