U.S. Treasury yields inched higher early on Thursday, as investors braced themselves for key inflation data, due out later in the morning.
In light of concerns around inflation and policy tightening, Paul Jackson, global head of asset allocation research at Invesco, told CNBC's "Squawk Box Europe" on Thursday that he believed the 10-year Treasury yield could top 2.5% this year.
"Rising bond yields will penalize the S&P 500 more than many other major indices because of the concentration of growth stocks within that index," he said. Jackson predicted at the beginning of the year that the S&P 500 could close 2022 lower than it started. Meanwhile, the number of jobless claims filed during the week ended Feb. 5 is also due to be released at 8:30 a.m. ET.
Auctions are scheduled to be held for $50 billion of 4-week bills, $40 billion of 8-week bills and $23 billion of 30-year bonds.
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