US Treasury yields climb after stronger industrial production data

U.S. government debt yieldsrose Thursday after jobless claims unexpectedly rose and U.S. industrial production beat Wall Street expectations.

The yield on the benchmark 10-year Treasury note sat higher at around 2.354 percent at 1:49 p.m. ET, while the yield on the 30-year Treasury bond was up at 2.794 percent. Bond yields move inversely to prices.

Earlier, the 2-year Treasury note yield hit a high of 1.716 percent its highest level since Oct. 2008 when the 2-year note yielded as high as 1.716.

Symbol
Yield
 
Change
%Change
US 3-MO
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US 1-YR
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US 2-YR
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US 5-YR
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US 10-YR
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US 30-YR
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The higher number of Americans filing for unemployment benefits took Wall Street by surprise last week as the U.S. Labor Department wades through a backlog of applications from Puerto Rico. Despite the temporary influx of claims as a result of the weather-related destruction on the island, the underlying trend hinted at tightening labor markets.

Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 249,000 for the week ended Nov. 11, the Labor Department said on Thursday.

U.S. industrial production, meanwhile, rose 0.9 percent in October versus a 0.5 percent increase expected by a Reuters survey of economists. Industrial production gained 0.3 percent in September.

A number of U.S. Federal Reserve are set to deliver remarks Thursday. In Michigan, Governor Lael Brainard will be speaking at the Financial Stability Conference; while Dallas Fed President Robert Kaplan will be in Houston, Texas, speaking at a CFA Society Houston event.

Elsewhere, House Republicans passed their tax reform bill today, despite lingering resistance seen from some Republicans.

—CNBC's Jacob Pramuk and Gina Francolla contributed to this report.