Treasury yields held steady Thursday following reports that the U.S. economy fell into contraction in the first quarter and inflation readings were flat in March.
The benchmark 10-year Treasury note yield rose more than 2 basis points to yield 4.196%. The policy-sensitive 2-year note was off less than 1 basis point to 3.617%.
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WATCH HEREOne basis point is equivalent to 0.01%. Yields move inversely to prices.
That comes despite a . The Labor Department reported Thursday that last week saw initial unemployment claims increase to 241,000. Economists polled by Dow Jones were expecting 225,000 for the period. This raises the stakes for Friday's nonfarm payrolls report as other economic data has soured.
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SIGN UP On Wednesday, the Commerce Department reported that , the sum of all goods and services produced across the $30 trillion U.S. economy, declined at a 0.3% annualized pace in the first quarter — the first drop in three years.
Though the reading was driven largely by a surge in imports ahead of in early April, the report raised cautionary flags about the potential for the economy to tip into recession. Consumer spending rose at a meager 1.8% pace, while a slide in federal government outlays also held back the growth figure.
The day's data brought mixed news on the inflation front: the personal consumption expenditures price index, the Federal Reserve's preferred inflation measure, posted a sharp increase for the quarter but was basically flat in March.
Money Report
Traders continue to price in virtually no chance of an interest rate cut when the Fed meets next week, though they still expect the central bank to start easing in June.
Recent bond market movement indicates a bias toward lower growth that could push the Fed toward supporting the economy with cuts.
