U.S. Treasury yields climbed Thursday as investors awaited key economic data and assessed the interest rate outlook.
Yields and prices move in opposite directions and one basis point equals 0.01%.Investors looked ahead to key data points that could provide fresh insights into the state of the economy, especially the labor market, due on Thursday and Friday. ADP's employment report, JOLTs job openings and weekly initial jobless claims figures are expected Thursday, while June's jobs report is slated for Friday.
The data could therefore inform the Fed's next interest rate policy moves, especially the pace at which rates may be increased. Powell said last week that he would not rule out the possibility of hiking rates at consecutive meetings. This marked a shift in tone compared to his previous comments that had suggested a slower pace of rate increases was likely, a sentiment his fellow policymakers also held at their last meeting, according toThe minutes also reiterated that despite the Fed leaving rates unchanged in June, the majority of officials are expecting further rate hikes.
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