Powell is set to give the second congressional semi-annual testimony later on Thursday. Investors are continuing to assess the risks of central banks pushing the world economy into recession as they attempt to curb inflation with interest rate increases.
Iron ore was already at six-month lows having lost more than 20% in recent weeks, while copper struck a 15-month trough overnight. The yield on benchmark 10-year Treasury notes were down slightly to 3.1524%, hovering around the lowest in almost two weeks, compared with its U.S. close of 3.156% the previous day.
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