U.S. government debt prices were higher on Thursday amid uncertainty surrounding some of President-elect Donald Trump's policies.
The Federal Reserve's December minutes showed President-elect Donald Trump's proposals to stimulate growth may trigger higher inflation. Based on those expectations, Goldman Sachs raised its year-end forecast for 10-year Treasury yields to 3 percent from 2.75 percent on Thursday, Reuters reported.
In an interview with CNBC, San Francisco Fed President John Williams said fiscal stimulus brought about by the new administration may not kickstart growth as aggressively as many think.
"More fiscal stimulus, I think, will have a modest effect on economic growth over the next couple of years," the nonvoting Fed official told "Power Lunch."
The yield on the benchmark 10-year Treasury note was lower at around 2.349 percent, while the yield on the 30-year Treasury bond was also lower at around 2.942 percent. Yields move inversely to prices.
The ADP employment report showed private employers added 153,000 jobs last month, below the expected 170,000. Initial jobless claims came in better than expected, totaling 235,000, while economists expected them to total 260,000.
Other economic data released Thursday includes the December IHS Markit services PMI, which came in at 53.99, below November's print of 54.6. The ISM nonmanufacturing index, meanwhile, hit 57.2, above a consensus estimate of 56.6. A number above 50 indicates expansion within the sector, and a number below 50 shows contraction.
—CNBC's Elizabeth Gurdus contributed to this report.
Correction: This story has been updated to reflect that bonds prices rose amid uncertainty over Trump's policies. The impetus was misstated in an earlier headline.