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The momentum in U.S. Treasury yields faded on Thursday, as global stocks cooled and expectations for upcoming economic indicators increased.
The 10-year Treasury note yield fell 4.8 basis points to 3.92% early Thursday morning. This marked a slight recovery from the lowest point since June 2023, seen earlier in the week. Meanwhile, the 2-year Treasury note also fell, falling about 4 basis points to 3.959%.
The inverse relationship between yields and bond prices continues, with a single basis point representing a 0.01% change.
Global stock markets appeared to be lingering in a cautious state, following a broad-based decline earlier in the month. This cautious approach contributed to a decline in U.S. stocks on Wednesday, which in turn affected markets in Asia-Pacific and Europe on Thursday.
Concerns about potential economic downturns and the implications of recent weak U.S. employment figures are widespread among investors. Deutsche Bank analysts noted that market sentiment fluctuated throughout Wednesday, initially buoyed by upbeat comments from Bank of Japan officials, before easing later in the day.
Investors are now awaiting the next jobless claims report, due Thursday morning, which could provide further insights into the economic outlook.
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