Treasury yields resumed their march higher on Thursday, with borrowing costs rising across the curve as investors’ attention returned to the inflationary pressures facing the U.S. economy.<\/p>\n
The 10-year U.S. Treasury<\/a>\u00a0note yield \u2014 the main benchmark for mortgages, auto loans and credit card debt \u2014 increased by more than 3 basis points on Thursday morning to reach 4.6014%. <\/p>\n Meanwhile, the longer-dated\u00a030-year Treasury bond<\/a>\u00a0yield, which is more sensitive to political risks, advanced more than 1 basis point to 5.1334%.<\/p>\n The\u00a02-year Treasury note<\/a>\u00a0yield, which typically is more sensitive to short-term Federal Reserve interest rate decisions, was up by more than 3 basis points at 4.0746%. <\/p>\n One basis point is equal to 0.01%, and yields and prices move in opposite directions.<\/p>\n Thursday’s hike in borrowing costs follows a sharp pull-back<\/a> during the previous session, which came after global bond yields<\/a> touched multi-decade highs earlier in the week on the back of renewed inflation fears.<\/p>\n The U.S. 30-year yield slipped more than 6 basis points on Wednesday, with the 10-year Treasury yield plunging more than 9 basis points on the day. The respite came as investors absorbed minutes from the April 27-28 Federal Open Market Committee, which showed that a majority of Fed officials<\/a> anticipate interest rates rising should the Iran war drive inflation higher. <\/p>\n Oil prices edged higher on Thursday, as events in the Middle East continue to weigh on shipping and energy markets. U.S. West Texas Intermediate<\/a> futures for July delivery were last seen at $99.61 per barrel, a 1.4% increase. Brent crude<\/a>, the international benchmark, was up 1.3% at $106.42.<\/p>\n Traders are also awaiting economic data on U.S. housing starts and building permits during April, due later from the Census Bureau.<\/p>\n The number of new housing starts in April is expected to come in at 1.41 million, according to consensus forecasts, a slide from the 1.502 million new projects in March. U.S. building permits are estimated at 1.39 million, up from March’s print of 1.363 million. <\/p>\n