Treasury yields were lower on Thursday following a raft of fresh U.S. economic data, as traders looked for clues on the Federal Reserve's next policy moves.
The yield on the 10-year Treasury fell about 10 basis points to 4.85%. The 2-year Treasury yield was at 5.05% after falling by 7.5 basis points.
Yields and prices have an inverted relationship. One basis point equals 0.01%.
Treasurys
Third-quarter gross domestic product showed a 4.9% rise, according to a Commerce Department report released Thursday. That's better than the 4.7% increase anticipated by economists polled by Dow Jones.
The strong economic reading would validate the rapid rise in Treasury yields in recent months. The 10-year Treasury yield topped 5% this month, up from about 3.8% at the start of the third quarter.
However, weekly jobless claims out Thursday indicated a possible slowdown ahead. Jobless claims for the week ending Oct. 21 came in at 210,000, greater than the Dow Jones consensus estimate of 207,000.
The data comes ahead of the Fed's next rate decision on Nov. 1. They are widely expected to keep rates unchanged, but the central bank may be hesitant to indicate it is done hiking for good after this strong GDP reading.
Last week, Fed Chairman Jerome Powell said that inflation is still too high despite easing slightly recently, and slower economic growth is likely needed for it to return to the central bank's 2% target.