U.S. government debt yields inched higher on Thursday after economic data showed the number of Americans applying for unemployment benefits fell while import prices rose more than expected.
The yield on the benchmark 10-year Treasury note was slightly up at 2.824 percent at 4:25 p.m. ET, while the yield on the 30-year Treasury bond was slightly lower at 3.057 percent. Bond yields move inversely to prices.
U.S. import prices climbed more than anticipated in February as the largest increase in the cost of capital goods since 2008 offset declines in the price of petroleum. The hotter pricing data reinforces views that inflation could be starting to pick up this year.
The Department of Labor said Thursday that import prices increased 0.4 percent last month, while economists polled by Reuters had been expecting a 0.2 percent climb. Economists believe that prices may buoy this year thanks to a strong labor market, fiscal stimulus and an anemic dollar.