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The U.S. 2-year Treasury yield rose close to 5% on Thursday following data indicating strength in the manufacturing sector.
The 2-year Treasury yield was last at 4.988% — near the key 5% level — after advancing by more than 5 basis points. The yield on the 10-year Treasury rose by nearly 5 basis points to 4.633%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Yields took a leg up after the Philadelphia Federal Reserve’s manufacturing survey came in much higher than economists forecasted. It jumped to 15.5 for April, well above the consensus estimate of 2.5 from economists polled by Dow Jones.
Most of the gain was attributable to a jump in the prices paid index. That measure rose to 23, a gain of more than 19 points.
Investors awaited fresh comments from Fed policymakers as uncertainty around when and how often interest rates will be cut this year persisted. Comments made …
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