Treasury yields climb after Powell forecasts 'strong' economic growth

  • Powell told the Senate Committee on Banking, Housing and Urban Affairs on Wednesday that 2021 was "going to be a very, very strong year in the most likely case."
  • Weekly jobless claims data is expected out at 8:30 a.m. ET.

U.S. Treasury yields climbed on Thursday morning, following Federal Reserve Chairman Jerome Powell's second testimony in Congress, alongside Treasury Secretary Janet Yellen.

The yield on the benchmark 10-year Treasury note rose to 1.623% at 5 a.m. ET. The yield on the 30-year Treasury bond advanced to 2.323%. Yields move inversely to prices.

Treasurys

Powell told the Senate Committee on Banking, Housing and Urban Affairs on Wednesday that 2021 was "going to be a very, very strong year in the most likely case."

"There are of course risks to the upside and downside, but it should be a very strong year from a growth standpoint … Longer run we do have to raise revenue to support permanent spending that we want to do," he added.

Weekly jobless claims data is expected out at 8:30 a.m. ET. The U.S. Labor Department is expected to report that 735,000 Americans filed for unemployment insurance last week, according to forecasts.

Auctions will be held Thursday for $40 billion of four-week bills, $40 billion of eight-week bills and $62 billion of seven-year notes.

CNBC's Thomas Franck contributed to this report.

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