US bond yields rise as markets assess latest economic data

US Treasury yields rose on Thursday as investors assessed key economic data and awaited further developments, amid market expectations that the Federal Reserve will cut interest rates next week.

The two-year note yield (the most sensitive to monetary policy changes) climbed 2.8 basis points (bps) to 3.514% at 5:18 PM Makkah time.

The yield on the 10-year note rose 2.7 bps to 4.085%, while the yield on the 30-year note increased 1.5 bps to 4.74%.

Data released today by the US Labor Department showed that initial jobless claims fell by 27,000 to 191,000 in the week ending November 29, compared to expectations of 220,000.

Meanwhile, data from the consulting firm Challenger, Gray & Christmas showed that the total number of jobless claims announced in November reached 71,300.

Investors will be watching for more economic reports this week, including September's personal consumption expenditures data and the University of Michigan's consumer confidence forecast on Friday.