Treasury yields extend drop after weekly jobless claims

Ten- and 30-year Treasury yields fell further as trading wore on Thursday morning, after data showed initial jobless claims rose to a seven-week high of 217,000 last week. The 10-year rate dropped 13.5 basis points to 4.655%, while the 30-year rate fell 13.7 basis points to 4.837%.

The data suggested the labor market may be softening, buttressing the view that economic growth should start to slow and that the Federal Reserve may be at or near the end of its rate-hiking cycle. Yields also fell on Wednesday after Fed officials took no action on interest rates for a second straight meeting.

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