NEW YORK: US Treasury prices were steady as investors awaited indications of monetary policy from speeches by prominent central bankers gathered in Jackson Hole, Wyoming.
Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both due to address the annual economic policy conference in the Rocky Mountains.
"Everything comes down to what Yellen is going to say," said Mary Ann Hurley, vice president in fixed income trading at D.A. Davidson in Seattle.
Investors will be watching to see if Yellen gives any indication on when the Fed plans to begin reducing its balance sheet, as well as how she references ongoing weakness in inflation.
"It will be interesting to see how she touches on inflation and whether she keeps addressing it as being due to idiosyncratic factors," said Hurley.
Market participants will be also watching for any signals that the ECB is close to paring its bond purchases, though two sources have told Reuters that Draghi will not deliver any new policy message at the event.
Benchmark 10-year notes were down 1/32 in price to yield 2.20 percent, little changed from Thursday.
Yields for benchmark bonds have held in a tight range since falling to almost two-month lows last Friday on concerns about political discord in Washington and tensions between the United States and North Korea.
Data this Friday showed that new orders for key US-made capital goods rose slightly more than expected in July and shipments surged, pointing to an acceleration in business spending early in the third quarter.