In line with the upward momentum of recent sessions, U.S. Treasury securities experienced a significant pullback on Thursday.Bond prices were under pressure from the outset and remained notably lower throughout the day. Consequently, the yield on the benchmark ten-year note—which inversely correlates with its price—surged by 8.4 basis points, reaching 3.862 percent.This increase in the ten-year yield marked the first uptick in five sessions, rebounding from its lowest closing level in over a year.The notable decline in Treasuries was partly attributed to profit-taking as traders anticipated the commencement of the Kansas City Fed’s Jackson Hole Economic Symposium later that day.Federal Reserve Chair Jerome Powell is slated to speak at the symposium in Jackson Hole, Wyoming, on Friday. Traders are keenly awaiting his comments for further insights into future interest rate policies.In anticipation of Powell’s remarks, the CME Group’s FedWatch Tool shows a 75.5 percent probability of a quarter-point rate cut next month and a 24.5 percent chance of a half-point rate cut.In U.S. economic developments, the Labor Department reported a modest rebound in initial jobless claims for the week ending August 17. The report indicated that initial jobless claims rose to 232,000, an increase of 4,000 from the previous week’s revised figure of 228,000. Economists had predicted claims to edge up to 230,000 from the initially reported 227,000 for the previous week.Separately, the National Association of Realtors released data showing that existing home sales snapped a four-month decline in July, with sales rebounding slightly more than anticipated.Powell’s comments at the Jackson Hole symposium are likely to dominate market attention on Friday, potentially overshadowing the release of new home sales data.The material has been provided by InstaForex Company – www.instaforex.com
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