U.S. Treasury yields were mostly flat Thursday, as investors digested the latest Federal Reserve meeting minutes.
The yield on the benchmark 10-year Treasury note fell marginally to 2.74%. The yield on the 30-year Treasury bond moved 1 basis point higher to 2.974%. Yields move inversely to prices, and 1 basis point is equal to 0.01%.
The Fed released the minutes from its May meeting on Wednesday afternoon, which indicated that the central bank was prepared to go ahead with multiple 50-basis-point interest rate increases, potentially going further than the market expected.
The Federal Open Market Committee also said that the central bank may move past its “neutral” policy stance into “restrictive” territory.
Yogi Dewan, CEO and founder at Hassium Asset Management, told CNBC’s “Squawk Box Europe” on Thursday that the Fed minutes were “much less hawkish than the market was expecting and we’ve always seen Fed rate hike expectations as overstated.”
For this reason, Dewan said his firm anticipated fewer rate hikes on the back of economic growth slowing but noted that “the problem is you haven’t got the economic data in front of you to justify that yet [in terms of how] it will play out over the next three to six months.”
Treasury yields on Wednesday saw little movement following the release of the minutes, while U.S. stocks moved higher.
On Thursday, a second estimate of U.S. gross domestic product growth for the first quarter is due out at 8:30 a.m. ET.
The number of jobless claims filed during the week ended May 21 is also set to come out at 8:30 a.m. ET.
April’s pending home sales data is slated for release at 10 a.m. ET.
— CNBC’s Jeff Cox contributed to this market report.
