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Traders will also be closely watching a second day of testimony before Congress by Federal Reserve Chair Jerome Powell. Powell suggested in testimony to a House committee Wednesday that inflation will likely remain elevated, but eventually moderate, reinforcing the central bank’s position that rising inflation is a temporary impact from the recovering economy.
Investors also got a report from the Labor Department showed that unemployment claims fell by 26,000 last week to 360,000, the lowest level since the pandemic struck last year.
The yield on the 10-year Treasury note fell to 1.34% from 1.35% the day before.