Treasury yields nudge higher after Thanksgiving holiday

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U.S. Treasury yields were broadly higher early Friday as markets reopen following the Thanksgiving break.

The benchmark 10-year Treasury yield was 5 basis points higher at 4.465%, pulling away from the two-month low reached before the holiday. The 2-year note yield rose by 3 basis points to 4.94%.

Yields and prices move in opposite directions. One basis point equals 0.01%.

Investors are continuing to assess the outlook for interest rates and the economy after the Federal Reserve’s latest meeting minutes on Tuesday gave no indication of rate cuts in the near future.

Markets are pricing in a 99.5% chance of rates being held in the current 5.25%-5.5% range at the final Fed meeting in December, according to CME Group’s FedWatch tool.

Friday, which is a shortened trading day, will provide insight into U.S. business activity across services and manufacturing with the release of S&P Global flash purchasing managers’ index figures.

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