U.S. Treasury yields moved higher Thursday as investors assessed the outlook for the Federal Reserve's interest rate hikes and awaited key inflation data slated for Friday.
The yield on the 10-year Treasury was trading at 3.489% after rising by around 8 basis points. It had fallen by as many as 9 basis points on Wednesday. The 2-year Treasury yield was last up by 6 basis points at 4.316%.
Yields and price move in opposite directions. One basis point equals 0.01%.
Uneasiness about the Fed's policy plans around interest rates continued as mixed economic data suggested to many investors that interest rates may need to remain higher for longer.
The Fed has been battling with persistently high inflation throughout 2022, dealing four consecutive 75 basis point increases. Many investors are concerned that this pace will push the U.S. economy into a recession.
Investors have been scanning economic data releases for hints about the state of the economy and inflation ahead of the Fed's December policy meeting next week, where a 50 basis point rate hike is widely expected.
On the data front, weekly initial jobless claims figures showed a modest increase over the previous week, the Labor Department said Thursday. That was in line with Dow Jones' estimates.
November's producer price index data — which measures wholesale inflation — comes out Friday.