U.S. Treasury yields edge higher as market participants await economic data, auctions


U.S. Treasury yields were slightly higher on Thursday as investors continued to assess the likelihood of a recession.

The yield on the benchmark 10-year Treasury note was marginally higher at 3.16%, while the yield on the 30-year Treasury bond rose nearly 1 basis point to trade at 3.25%. Yields move inversely to prices.


It comes shortly after Federal Reserve Chairman Jerome Powell told Congress that the U.S. central bank is "strongly committed" to cooling the soaring inflation rate. Market participants are increasingly concerned that aggressive monetary tightening could tip the world's largest economy into a recession.

"At the Fed, we understand the hardship high inflation is causing," Powell said to the Senate Banking Committee on Wednesday. "We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so."

Last week, the Fed increased its benchmark funds rate by 75 basis points, its largest increase since 1994, but it is thought aggressive tightening could mean exerting further downward pressure on growth.

On the data front, initial jobless claims for the week ending June 18 will be released alongside first-quarter current account figures at 8:30 a.m. ET on Thursday.

The S&P global flash manufacturing purchasing managers' index for June, S&P global flash services PMI for June and Kansas City Fed manufacturing survey composite index for June will all follow slightly later in the session.

The Treasury is scheduled to auction $35 billion in 4-week bills, $30 billion in 8-week bills and $18 billion in 4-year 10-month Treasury inflation-protected securities on Thursday.

— CNBC's Sarah Min & Elliot Smith contributed to this report.