U.S. Treasury yields ebbed lower on Thursday morning, as investors continued to digest the Federal Reserve's latest policy decision.
benchmark interest rate near zeroThe Fed's statement said "progress" had been made on its employment and inflation targets. However, Fed Chairman Jerome Powell cautioned that "substantial further progress" had not yet been reached on these goals.
Tiffany Wilding, U.S. economist at PIMCO, said on Thursday that the Fed's statement suggests that it could announce the first reduction in bond purchases as early as September. The first estimate for U.S. gross domestic product growth in the second quarter is due to be released at 8:30 a.m. ET, which includes core personal consumption expenditure data for the quarter.
Jackson said this would be an "impressive rate of growth" that would likely have been fueled by a rise in consumer spending.
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