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U.S. Treasury yields continued their upward climb on Thursday as investors weighed the Federal Reserve’s decision to hold interest rates steady and sought insight on future monetary policy decisions. <\/p>\n
At 3:20 a.m. ET, the 30-year Treasury bond<\/a> had risen more than 9 basis points to 5.236% after hitting its highest level since July 2007 on Wednesday. The benchmark 10-year Treasury yield <\/a>soared over 8 basis points to 4.7%, and the 2-year Treasury<\/a> note yield was up 5 basis points to 4.289%.<\/p>\n One basis point equals 0.01%, and yields and prices move in opposite directions.<\/p>\n On Wednesday, the Fed voted to hold its key interest rate steady<\/a> at a range of 3.5% to 3.75% in a 9-3 vote, at the second FOMC meeting with Chairman Kevin Warsh at the helm.<\/p>\n “Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East,” the FOMC statement<\/a> said following the decision.<\/p>\n “Job gains have kept pace with the workforce, and the unemployment rate has changed little.” <\/p>\n Deutsche Bank analysts also noted the Treasury sell-off continuing overnight and said its economists still expect the Fed to raise rates by 50 basis points this year \u2014 meaning a 25-basis-point hike in September and December. <\/p>\n “But they think the FOMC is unlikely to take much comfort in yesterday’s market reaction, with the rise in long-end rates coupled with the decline in forward real yields suggesting doubts about an imminent return of price stability,” the analysts said.<\/p>\n They added that overall US credit conditions remain supportive, but a steeper yield curve could add pressure to the weak housing market.<\/p>\n Investors will also await the weekly jobless claims and personal consumption expenditures price index reading for June on Thursday.<\/p>\n A Dow Jones estimate expects headline inflation to have grown by 3.7% annually and core inflation, which excludes food and energy prices, to have risen 3.3%. <\/p>\n