Treasury yields are steady on more signs of solid economy

Treasury yields held steady on Thursday after the release of new data pointing to strength in the U.S. economy.

The 10-year Treasury yield was 1 basis point higher at 4.352%, and the 30-year yield was little changed at 4.878%. The 2-year yield was flat no the day at 3.868%.

One basis point is equal to 0.01%. Yields and prices have an inverse relationship.

Initial weekly jobless claims totaled 227,000 for the week ended July 5. That's below the Dow Jones estimate of 235,000. That follows a stronger-than-expected U.S. jobs report released last week.

“Overall, it was a round of data that reinforced the resilience of the labor market,” Vail Hartman of BMO said in a note to clients.

Traders also watched for developments on the tariff front as President Donald Trump's trade war intensified.

Trump slapped 50% tariffs on Brazil in an announcement late Wednesday, which is set to go into effect from Aug. 1. It's partly in retaliation against the ongoing prosecution of the country's former president, Jair Bolsonaro.

The levies are a jump from the 10% reciprocal tariffs imposed on Brazil in early April, with Trump saying it's also a response to the “very unfair trade relationship” between the two companies.

Brazilian President Luiz Inacio Lula da Silva said Wednesday that the country will respond with reciprocity to the new tariffs rates, citing a Brazilian law which allows the government to take appropriate countermeasures.

Additionally, Trump said 50% tariffs on copper will start from Aug. 1, a decision made after the president received a national security assessment.