U.S. Treasury yields fell on Thursday as the sell-off seen earlier in the week abated.
The yield on the benchmark 10-year Treasury note was down was down 3.9 basis points at 3.6452% while the yield on the 30-year Treasury bond slipped 3.4 basis points to 3.7103%. The yield on the 2-year note dropped a single basis point to 4.2037%. Yields move inversely to prices.
Global bonds sold off earlier in the week, driving yields higher, after the Bank of Japan unexpectedly tweaked its yield curve controls, in a move aimed at cushioning the effects of protracted monetary stimulus measures.
However, economists largely interpreted the move as a necessary tweak rather than the prelude to a hawkish pivot from the persistently accommodative central bank.
Positive sentiment returned to risk assets on Wednesday after a strong round of corporate earnings and the release of consumer confidence data for December, which came in at the highest level since April.
Final third-quarter U.S. GDP data is set to be published at 9:30 a.m. ET on Thursday, alongside last week’s jobless claims figures.