US Treasury yields rise on Draghi, Yellen

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U.S. government debt prices were lower on Thursday as investors looked to a big end to the week, with all eyes on key central bank speakers.

Fed Chair Janet Yellen testified before Congress on Thursday and reiterated her outlook on the U.S. economy.

Investors also digested the European Central Bank's decision to cut its deposit rate by 10 basis points. ECB President Mario Draghi said in a news conference the central bank would extend its asset purchase program through March 2017.


The yield on the benchmark 10-year Treasury notes climbed on Thursday to around 2.3411 percent, after closing at 2.178 percent. The yield on the 30-year Treasury bond was also higher, at 3.0831 percent, after closing at 2.907 percent.

The also touched a new five-year high of 1.0022 percent.

On the data front, initial jobless claims came in pretty much in line with expectations. The ISM nonmanufacturing PMI came in below expectations at 55.9, while new orders for U.S. factory goods rebounded in .

In oil markets, Brent crude traded at around $44.48 a barrel on Thursday, up 4.7 percent, while U.S. crude was at around $41.56 a barrel, up 4.1 percent. The Organization of Petroleum Exporting Countries (OPEC) is set to meet in Vienna on Friday.

— CNBC's Patti Domm contributed to this report