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Treasury yields rise as traders evaluate latest batch of economic data

Spencer Platt | Getty Images

U.S. Treasury bond yields rose Thursday as investors weighed fresh economic data indicating further signs of a slowing economy.

The 10-year Treasury yield added 4 basis points to 4.257%. The 2-year was up 3 basis points at 4.733%.

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Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.

Initial jobless claims data showed a rise from a week ago, while housing starts and permits fell more than expected last month. Investors also parsed a worse-than-expected reading of the Philadelphia Fed Manufacturing Index, contributing to recent signs of a slowing economy.

Earlier this month, data revealed that the number of Americans filing new claims for unemployment benefits rose more than expected to 229,000 for the week ended June 1. Economists polled by Reuters had predicted 220,000 claims for the period.

The Federal Reserve last week held its benchmark policy rate in the 5.25% to 5.50% range, where it has been since last July. Minneapolis Federal Reserve President Neel Kashkari on Sunday told CBS' "Face the Nation" program that he was surprised by the U.S. job market's performance even as the Fed raised borrowing costs in 2022 and 2023.

"I hope it's modest cooling, and then we can get back down to more of a balanced economy," he said.

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