U.S. Treasury yields were mostly flat on Thursday as investors digested the final minutes of the Federal Reserve meeting.
The yield on the 10-year Treasury benchmark bond fell marginally to 2.74%. The yield on the 30-year Treasury bond rose 1 basis point to 2.974%. Yields move inversely to prices, and 1 basis point equals 0.01%.
The Fed released the minutes of its May meeting on Wednesday afternoon, which indicated that the central bank was willing to go ahead with multiple interest rate hikes of 50 basis points, which could go beyond the market was waiting.
The Federal Open Market Committee also said the central bank may move beyond its “neutral” political position into “restrictive” territory.
Yogi Dewan, CEO and founder of Hassium Asset Management, told CNBC’s “Squawk Box Europe” on Thursday that the Fed’s minutes were “much less aggressive than the market expected, and we’ve always seen expectations of a rise in Fed rates are exaggerated. “
For this reason, Dewan said his company predicted fewer rate hikes due to the slowdown in economic growth, but noted that “the problem is that you do not yet have the economic data to justify it. [in terms of how] it will be played for the next three or six months. “
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Treasury yields on Wednesday experienced little movement after the release of the minutes, while US stocks rose.
On Thursday, a second estimate of U.S. gross domestic product growth for the first quarter will be released at 8:30 a.m. ET.
The number of unemployment applications filed during the week ending May 21 will also be posted at 8:30 a.m. ET.
Home sales data pending April are slated for release at 10 a.m. ET.
– CNBC’s Jeff Cox contributed to this market report.