The yield on the benchmark U.S. 10-year Treasury note fell to its lowest level in almost two weeks on Thursday. The moves come after Federal Reserve Chairman Jerome Powell told Congress that the central bank is "strongly committed" to cooling the soaring inflation rate.

Market participants are increasingly concerned that aggressive monetary tightening could tip the world's largest economy into a recession. Last week, the Fed increased its benchmark funds rate by 75 basis points. Initial jobless claims for the week ending June 18 will be released alongside first-quarter current account figures at 8:30 a.m.

The S&P global flash manufacturing purchasing managers' index for June will be released at 2 p.m. ET on Thursday. The Kansas City Fed manufacturing survey composite index will follow slightly later in the session. The S&ampsPglobal flash services PMI for June is also due to be released later Thursday.
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