Treasury yields rose on Thursday as traders assessed the implications of a trade deal between the U.S. and the United Kingdom.
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WATCH HEREThe  yield climbed more than 9 basis points to 4.369%. The  yield gained more than 10 basis points, trading at 3.893%.
One basis point is equal to 0.01% and yields and prices move in opposite directions.
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SIGN UP Trump from the Oval Office levying a 10% baseline tariff on British imports into the United States. The announcement was short on details otherwise.
"The final details are being written up," Trump said. "In the coming weeks we'll have it all very conclusive."
Despite the lack of details, traders took the news as a positive for the future of global economic growth.
Money Report
"These deals that are being struck will be deals in principle, and then the finer details will follow. There are potential economic implications for that ... but in general, I think the market likes the spirit of moving forward on tariff negotiations," said Gregory Faranello, head of U.S. rates strategy at AmeriVet Securities.
The 10-year yield hit its high of the day after the announcement, along with U.S. equities. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite were all up by more than 1.1% in late trading.
Thursday's bond market move came one day after the in a range of 4.25% to 4.5%, where it has been since December.
Fed Chairman Jerome Powell noted in a post-meeting news conference that President Donald Trump's tariffs may endanger the central bank's timeline for achieving its dual mandate.
"What looks likely — given the scope and scale of the tariffs — is that we will see certainly the risks to higher inflation, higher unemployment have increased. And if that's what we do see — if the tariffs are ultimately put in place at those levels, which we don't know — then we won't see further progress toward our goals" of maintaining maximum employment and keeping inflation to 2%, he said.
