According to Jinshi, U.S. Treasury yields and the dollar rose before Federal Reserve Chairman Powell delivered a speech to Congress. This was Powell's first public appearance since the non-farm payrolls report last Friday showed an increase in the unemployment rate. Market expectations for a rate cut in September have increased, but some pundits believe that the Fed is more likely to stay on hold until at least December.
The 10-year Treasury yield was 4.294% and the two-year Treasury yield was 4.639%, both below earlier intraday highs. The dollar index rose 0.1%, the dollar rose 0.2% against the yen, and the dollar rose nearly 0.1% against the euro and sterling.