U.S. Treasury yields advanced on Thursday after the latest economic data signaled strength in the economy.
The 10-year Treasury yield added more than 5 basis points to 4.071%. The 2-year Treasury yield climbed more than 5 basis points to 3.993%. One basis point equals 0.01%, and yields and prices move in opposite directions.
Yields took a leg up after consumer spending figures came in hotter than forecast. Retail sales showed a rise of 0.4% in September, above the estimate of 0.3% from economists polled by Dow Jones. Excluding autos, sales increased 0.5%, also higher than the consensus expectation of 0.1%.
Weekly jobless claims, meanwhile, fell to 241,000, according to separate data released Thursday. Taken together, both data points paint a picture of a resilient economy.
The data comes after several Fed officials earlier this week hinted at further rate cuts to come. Additional comments from policymakers are expected as the week continues.
Elsewhere, the European Central Bank implemented its third interest rate cut of the year at its meeting on Thursday. The decision comes as policymakers have pointed towards a weaker growth outlook and easing inflation risks.
Get Tri-state area news delivered to your inbox. Sign up for NBC New York's News Headlines newsletter.
— CNBC's Jeff Cox and Sophie Kiderlin contributed to this report.