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U.S. government debt yields were lower on Thursday as investors scrutinized speeches from a number of Federal Reserve leaders.
Cleveland Fed President Loretta Mester said that the gradual increases in the fed-funds rate will be needed to sustain the expansion and mitigate risks.
"The gradual approach to normalization allows for the kind of fluctuations we've seen in the data on the economy and inflation without having to change our strategy," she said. "We'll need to keep a watch on whether this wait- and-see attitude spreads and begins to weigh more broadly on spending and investment decisions."
In Georgia, Atlanta Fed President Raphael Bostic is set to participate in a moderated discussion on his views on the economy later on in the day; while at 5:30 p.m. EDT, New York Fed President William Dudley will be in New York, where he is set to deliver remarks at a Money Marketeers of New York University event.
In addition, Kansas City Fed President Esther George will also be expected to comment on the outlook of the U.S. economy outlook when she is at the Omaha Economic Forum in the evening.
The dollar index hit low of 91.405, its lowest level since Jan. 6, 2015, as the euro surged against the greenback.
Driving the move were comments from European Central Bank President Mario Draghi, who hinted at starting to reduce its bond-buying program as early as next month and also gave an upbeat forecast on the region's economy.
The central bank held interest rates at 0.0 percent and kept the door open for even more stimulus, saying that it stands poised to increase its asset purchase program if needed.
Investors will be paying close attention to news coming out of Washington D.C. President Donald Trump and Senate Minority Leader Chuck Schumer have agreed to seek a plan to get rid of the federal debt ceiling, The Washington Post reported Thursday. The deal was described as a "gentleman's agreement," the newspaper reported, citing "three people familiar with the decision."
The latest agreement comes after Trump signaled his approval for a Democratic plan to package hurricane relief money for Hurricane Harvey to a three-month extension of both government funding and the debt ceiling.
Initial claims for state unemployment benefits soared by 62,000 to a seasonally adjusted 298,000 for the week ended Sept. 2, the highest level since April 2015, the Labor Department said on Thursday.