U.S. Treasury yields rose on Thursday, with the 10-year yield reaching 4.857%, its highest level since November 2023. Treasury Secretary Scott Bessent announced the buyback of $6 billion in longer-dated government bonds, supporting the yield increase. Investors are awaiting August’s Producer Price Index data, expected to show a 5.4% year-over-year increase, following a 4.7% rise the previous month. West Texas Intermediate crude was trading above $97 per barrel Thursday morning, up more than 1.3%, as tensions between the United States and Iran fueled inflation concerns.
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