U.S. government debt yields rose slightly on Thursday after first-quarter gross domestic product growth slowed more than expected thanks to anemic consumer spending.
Gross domestic product increased at a 2 percent annual rate in the January-March period, the Commerce Department said Thursday. Its third estimate of first-quarter GDP fell short of the 2.2 percent pace it reported last month.
Economists blamed the revision on the weakest performance in consumer spending in nearly five years, though growth appears to have since regained momentum as a tight labor market and tax cuts begin to take effect.
The yield on the benchmark 10-year Treasury note was barely higher at around 2.851 percent at 2:15 p.m. ET, while the yield on the 30-year Treasury bond slipped to 2.981 percent. Bond yields move inversely to prices.