The 10-year U.S. Treasury yield was mostly flat on Thursday morning after a weekly jobless claims report that new claims remain elevated roughly a year into the pandemic.
The yield on the benchmark 10-year Treasury note slipped to 1.467% at 10:00 a.m. ET. The yield on the 30-year Treasury bond inched higher to 2.255%. Yields move inversely to prices.
Weekly data for new unemployment insurance claims in the U.S. came in at 745,000 initial claims. Economists surveyed by Dow Jones had projected 750,000 claims.
The initial claims data has improved since the depths of the health crisis and economic restrictions last year, but claims still remain multiples higher than they were in 2019.
Fed chair Jerome Powell is set to make a speech about the U.S. economy at the Wall Street Journal Jobs summit at 12:05 p.m. ET. Investors will be watching the speech closely for any comments on the recent bond sell-off and concerns about inflation.
Factory orders for January came in at 2.6% growth, beating expectations of 2.3%, according to economists surveyed by Dow Jones.
Auctions will be held Thursday for $30 billion of 4-week bills and $35 billion of 8-week bills.
— CNBC’s Pippa Stevens contributed to this report.
