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10-year Treasury yield tops 1.45%, highest level in more than a year

The 10-year U.S. Treasury yield topped the 1.45% level on Thursday morning, its highest level in more than a year.

The yield on the benchmark 10-year Treasury note climbed to 1.458% shortly after 8:30 a.m. ET, its highest level since February 21, 2020. The yield on the 30-year Treasury bond rose to 2.31%. Yields move inversely to prices.

Some bond traders see 1.47% as the top of a support range for the 10-year Treasury yield. If broken, the traders expect the yield would move quickly to the 1.5% level, which is the same as the yield on the S&P 500 and a level some stock strategists say could give the stock market some concern.

Weekly data for new unemployment insurance claims came in at 730,000, below the 845,000 new claims expected by economists surveyed by Dow Jones. Data for durable goods also came in better than expected.

An update to the fourth-quarter GDP growth estimate came in at 4.1%, slightly above the advance reading released by the Commerce Department last month.

Pending home sales data for January is expected later at 10 a.m. ET.

The Federal Reserve’s Vice Chair for Supervision Randal Quarles is scheduled to talk at the Atlanta Fed’s 2021 banking outlook conference at 11:10 a.m. ET.

Auctions will be held Thursday for $30 billion of 4-week bills, $35 billion of 8-week bills and $62 billion of 7-year notes.

CNBC’s Patti Domm, Maggie Fitzgerald and Pippa Stevens contributed to this report.

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