Treasury yields rise as investors look to key data

U.S. Treasury yields were higher on Thursday as investors looked to economic data for hints about the outlook for the economy and monetary policy.

At 4:14 a.m. ET, the yield on the 10-year Treasury was up by over two basis points to 4.3411%. The 2-year Treasury yield was last at 4.7576% after rising by less than one basis point.

Yields and prices have an inverted relationship. One basis point equals 0.01%.

As uncertainty over the path ahead for interest rates and when they may be cut persists, investors looked to economic data for clues about what could be ahead for the economy and how this could affect monetary policy.

Economic data slated for Thursday includes weekly initial jobless claims, May's durable goods orders and pending home sales figures, also for May. Durable goods orders are expected to have declined by 0.6%, according to a Dow Jones consensus estimate, while economists surveyed by Dow Jones are anticipating pending home sales to have risen 1%.

That comes after data released Wednesday showed that new home sales fell over 11% in May.

The personal consumption expenditures price index, which is the Federal Reserve's favored inflation gauge, is expected Friday.

Fed officials have frequently said that their decision-making regarding interest rates will depend on inflation and whether data shows that it is easing sustainably toward the central bank's 2% target.

Fed Governor Michelle Bowman earlier this week said that she was also keeping the option for a further rate hike open if progress on bringing inflation down stalled or reversed.

More comments from Fed officials are expected throughout the week.