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US Treasury Bonds Fall Again After Powell’s Comments

DATE OF PUBLICATION: 2021-01-15 03: 28: 00 On Thursday, US Treasury bonds showed weak dynamics for most of the trading session, but were under pressure in the afternoon. After confidently moving into negative values, bond prices approached the close almost unchanged. As a result, the yield on benchmark 10-year bonds, moving in different directions with their price, climbed 4.1 basis points to 1.129%. The weakness in Treasury securities in the afternoon was due in part to comments from Fed Chairman Jerome Powell at a webinar hosted by Princeton University. In expanded remarks, Powell suggested that the economy could recover to ‘pre-coronavirus’ levels sooner than anticipated due to unprecedented bailout measures and aggressive Fed intervention. “We are focused as much as possible on the early recovery of a strong labor market to get our lives back on track.” Powell said. He added: “The situation in February 2020 was good, and we believe that the return on track will take place much earlier than in the gloomy forecasts.” Despite optimism, Powell noted that the Fed does not intend to raise interest rate, and denied rumors that the Central Bank will reduce the volume of purchases of bonds in the near Treasury bonds also fell as traders waited for President-elect Joe Biden to talk about a major coronavirus relief package. CNN, citing two officials who were briefed on the deliberations, reported on the alleged $ 2 trillion relief measures … The package is expected to include an increase in direct payments to citizens, an increase in extended unemployment insurance, and support for state and local governments, while traders largely ignored a Department of Labor report showing that in the week ending January 9, the number initial jobless claims jumped to their highest level in more than 4 months. The report said it rose to 965,000, up 181,000 from the previous week’s revised level of 784,000. jobless claims will rise to 795,000 from 787,000 originally announced a week earlier. The number of such claims, growing faster than expected, hit a record from 1.011 million recorded in the week ended August 22. Friday’s trading could be affected by the response to the array economic data from the United States, including reports on changes in the volume of retail trade, industrial on production, and on the consumer sentiment index. Source – InstaForex

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