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Treasury yields flat ahead of Powell’s Jackson Hole speech

U.S. government debt prices were hovering around the flatline Thursday, as traders await a speech by Federal Reserve Chairman Jerome Powell.

At around 2 a.m. ET, the yield on the benchmark 10-year Treasury note fell slightly to 0.6851%, whereas the yield on the 30-year Treasury bond slipped to 1.4051%. Yields move inversely to prices.

Jerome Powell is due to address the virtual Jackson Hole Economic Policy Symposium at 9:10 a.m. ET. Traders will be looking for clues on upcoming monetary policy decisions.

On the data front, there will be initial jobless claims at 8:30 a.m. ET; a second reading of U.S. gross domestic product in the second quarter is due at the same time; and there will be pending home sales numbers out at 10 a.m. ET.

The Treasury is due to auction $30 billion in 4-week bills, $35 billion in 8-week bills and $47 billion in 7-year notes.

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