U.S. Treasury yields slipped on Thursday as investors parsed the latest legal developments on President Donald Trump's reciprocal tariffs and the freshest economic data.
The 30-year Treasury yield fell more than 5 basis points, sitting at 4.922%. The 10-year Treasury yield slid about 5 basis points to 4.438%. The 2-year yield ticked down by almost 5 basis points to 3.945%.
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WATCH HEREOne basis point is equivalent to 0.01%, and yields move inversely to prices.
The U.S. Court of International Trade invalidated Trump's universal "reciprocal tariffs" imposed on international trade partners in early April, on Wednesday, and ordered a permanent stop to the duties in this case as well as future modifications. The court said that Trump invoked the International Emergency Economic Powers Act to impose tariffs.
The Trump administration has already appealed to the U.S. Court of Appeals for the Federal Circuit. The administration could ask the Supreme Court to halt the ruling as early as Friday. An appeals court on Thursday afternoon granted the Trump administration's request for a pause on the lower-court ruling.
Rates also fell as the Federal Reserve said Chair Jerome Powell told Trump in a Thursday meeting that the next interest rate decisions would be based on "non-political" analysis. The statement likely dashed the hopes of some traders and some in the administration that Powell would preemptively cut rates to ease any setback to economic growth from tariff policy.
Data showing jobless claims rising more than expected last week also raised concern about the health of the labor market.
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