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U.S. Treasury yields rise slightly as labor market data improves

U.S. bonds yields rose slightly on Thursday morning as two new data releases pointed to a continued recovery in the U.S. labor market.

The yield on the benchmark 10-year Treasury note rose to 1.61% shortly after 8:30 a.m. ET. The yield on the 30-year Treasury bond ticked up to 2.29%. Yields move inversely to prices.

Private payrolls rose more than expected in May, according to a report from ADP, while weekly jobless claims came in near expectations at 385,000. That continues a downward trend in initial claims.

Investors are monitoring inflation dynamics as the U.S. economy reopens. Speaking to CNBC on Wednesday, former New York Fed President William Dudley said the recent surge in inflation numbers is transitory for now, but it could become more persistent going forward.

Meanwhile, the U.S. Federal Reserve said on Wednesday that U.S. businesses are struggling to find enough workers and are thus offering higher wages to lure them into work.

Elsewhere, Atlanta Fed President Raphael Bostic speaks at 12.30 p.m. ET and Dallas Fed President Robert Kaplan is addressing the Rice University Jones Graduate School of Business.

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