Treasury yields were mostly higher on Thursday after data showed the U.S. economy grew steadily this month.
What is happening
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The yield on the two-year Treasury note BX:TMUBMUSD02Y rose 6.5 basis points to 4.718% from 4.653% on Wednesday.
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The yield on 10-year Treasury bonds (BX:TMUBMUSD10Y) was little changed at 4.32%, compared to 4.326% on Wednesday.
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The yield on the 30-year Treasury note BX:TMUBMUSD30Y fell 3.1 basis points to 4.46% from 4.491% on Wednesday.
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Wednesday's levels were the highest since November 30 for the 10- and 30-year rates, based on 3pm ET numbers from Dow Jones market data.
What drives the markets?
Data released Thursday showed that weekly initial jobless claims fell to a five-week low of 201,000 in mid-February, suggesting the labor market remains strong. Additionally, two S&P Global Business Surveys found that the economy expanded at an above-average rate in February.
The 10-year Treasury yield traded near its highest level in nearly three months after minutes of the Federal Reserve's latest policy meeting, released on Wednesday, showed the central bank remains wary of starting to cut interest rates too early. very. The poorly received 20-year Treasury auction earlier on Wednesday added upward pressure on yields.
The Treasury Department will auction $9 billion worth of 30-year Treasury Inflation-Protected Securities, or TIPS, at 1 p.m. ET on Thursday.
A number of Federal Reserve officials are scheduled to speak on Thursday. Philadelphia Fed President Patrick Harker is scheduled to appear at 3:15 p.m., while Fed Governor Lisa Cook and Minneapolis Fed President Neel Kashkari are scheduled to speak at 5 p.m. Christopher Waller at 7:35 p.m.
