U.S. Treasury yields moved lower on Thursday as investors digested a cooler-than-expected inflation reading.

The  yield declined more than 7 basis points to 4.455%, and the  yield fell 8 basis points to 3.971%.

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One basis point is equivalent to 0.01%, and yields and prices move in opposite directions.

The decline in yields came as the April reading for the producer price index showed a surprising drop in wholesale prices. The PPI for final demand fell 0.5%. Economists surveyed by Dow Jones were expecting an increase of 0.3%.

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Other economic data on Thursday, including initial jobless claims and retail sales, came in largely as expected.

Earlier this week, investors were buoyed by a tame inflation reading on Tuesday, with consumer prices rising at a slower pace than economists had expected. Inflation increased 0.2% in April, excluding food and energy, below the consensus forecast of 0.3%.

Optimism remains about the U.S. striking trade deals on tariffs with other countries, with the last week, and the pausing most tariffs for 90 days. U.S. levies on China previously stood at 145%, while China retaliated with tariffs of 125% on U.S. imports.