On Thursday, U.S. Treasury bond yields saw an increase as investors analyzed new economic data indicating a further slowdown in the economy. The 10-year Treasury yield rose by over 7 basis points, reaching 4.292%, while the 2-year also increased around 5 basis points to 4.756%. Yields and prices have an inverse relationship, with one basis point equal to 0.01%.
The initial jobless claims data showed a rise from the previous week, while housing starts and permits dropped more than anticipated last month. Additionally, investors analyzed a worse-than-expected reading of the Philadelphia Fed Manufacturing Index, contributing to ongoing signs of an economic slowdown.
Earlier in the month, data revealed that the number of Americans filing new claims for unemployment benefits surpassed expectations, reaching 229,000 for the week ending June 1. Economists had anticipated 220,000 claims for that period.
Last week, the Federal Reserve opted to keep its benchmark policy rate within the 5.25% to 5.50% range where it has remained since July of the previous year. Minneapolis Federal Reserve President Neel Kashkari expressed surprise at the performance of the U.S
