U.S. Treasury yields rose on Thursday as investors looked to economic data and comments from Federal Reserve officials for clues about what could be on the horizon for the economy.
Yields and prices move in opposite directions. One basis point equals 0.01%.
The Fed left interest rates unchanged when it met last week, but the possibility of further interest rate hikes was not taken off the table and Fed Chair Jerome Powell noted that rate cuts were not yet being considered.
That left many investors with questions about how long interest rates could stay elevated and if a recession is likely to hit the U.S. economy or the Fed is anticipating a soft landing. They are hoping to find clues in comments from Fed speakers this week as little key economic data is expected to be published.
Fed Chair Jerome Powell is among those expected to speak on Thursday.
Weekly initial jobless claims data is also due Thursday and could provide fresh hints about the state of the labor market and whether it is cooling as recent jobs data has suggested. That would indicate that the Fed’s monetary policy approach of higher interest rates is taking hold and having the desired effect.