U.S. Treasury yields ticked higher on Thursday as investors looked to the latest U.S. economic data for indicators of the health of the economy.

The yield on the 10-year Treasury was last up by about 3 basis points at 3.664%. The 2-year Treasury also rose by about 3 basis points to trade at 4.484%. Rates on both notes were lower earlier in the day.

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

The rise in yields came as a selloff in stocks intensified.

Weekly jobless claims released Thursday jumped by 13,000 to 196,000, more than expected and running contrary to a string of recent data indicating the labor market remained hot. Treasury yields fell after the the data as investors bet that maybe the job market could cool enough to prompt the central bank to slow interest rate hikes.

Investors digested a series of remarks from Federal Reserve officials made throughout the week that provided fresh insights into their expectations for the U.S. economy and views on future monetary policy.

Fed Governor Christopher Waller indicated on Wednesday that interest rates could rise by more than investors are expecting. During his remarks at the Arkansas State University Agribusiness Conference, he also suggested that the Fed 's battle with inflation was far from over.

This echoed the tone struck by other Fed speakers, including Chairman Jerome Powell and Minneapolis Fed President Neel Kashkari, earlier this week.

The Fed has hiked interest rates eight times since March 2022 as part of its efforts to slow the economy and lower inflation. Many investors are concerned that the pace of rate increases could lead the U.S. economy into a recession and are hoping for the Fed to pause rate hikes this year.