The 10-year U.S. Treasury yield climbed Thursday, near recent highs.
The yield on the benchmark 10-year Treasury note rose 6 basis points to 2.38% at 7:30 a.m. ET. The yield on the 30-year Treasury bond climbed 4.3 basis point to 2.56%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Treasurys
Inflation fears and interest rate hikes remain high on the agenda for investors. Federal Reserve Chairman Jerome Powell struck an even more hawkish tone in a speech on Monday, in which he said the U.S. central bank could be more aggressive with its rate hikes.
Powell’s comments amid the economic uncertainty have seen the 10-year Treasury yield surge, touching 2.41% on Wednesday.
Kiran Ganesh, head of investment communications at UBS Global Wealth Management Chief Investment Office, told CNBC’s “Squawk Box Europe” on Thursday that the recent rise in yields had started to make “parts of investment grade spectrum start to look more interesting to us at this stage.”
Investors continue to monitor the war in Ukraine.
There are three key geopolitical meetings set to occur on Thursday, with an extraordinary NATO summit taking place in Brussels, as well as meetings of EU leaders and the Group of Seven (G-7).
Speaking ahead of the meetings, NATO Secretary General Jens Stoltenberg told CNBC’s Hadley Gamble on Thursday that Russian President Putin had made a “big mistake” invading Ukraine.
Additional assistance for Ukraine is expected to be announced on Thursday, as well as extra sanctions on Russia.
Fed Governor Christopher Wallace is due to discuss the U.S. housing market in a Tel Aviv University and Rutgers University webinar, at 9:10 a.m. ET on Thursday.
On the data front, a weekly update on jobless claims and the amount of durable goods orders made in February, are due to come out at 8:30 a.m. ET.
Markit is set to release purchasing managers’ index flashes for March at 9:45 a.m. ET.
Auctions are scheduled to be held on Thursday for $35 billion of 4-week bills and $30 billion of 8-week bills.
— CNBC’s Holly Ellyatt contributed to this market report.
