HSBC has indicated that remarks from Federal Reserve Chair Kevin Wosh at the annual Jackson Hole symposium could serve as a pivotal opportunity to curb the ongoing selloff in long-dated US Treasuries.

"If the Fed can more clearly outline its reaction function for tackling inflation, it would help compress the term premium generated by uncertainty," HSBC US rates strategist Dhiraj Narula noted in a report.

Narula added that Treasury buyback operations could adjust the maturity structure of outstanding US government debt, but such measures cannot fundamentally resolve the fiscal pressures and financing needs facing the United States.

"We view Wosh's address at Jackson Hole as the most definitive near-term chance to durably ease selling pressure on long-end Treasuries," he wrote.