U.S. Treasury yields moved broadly lower across the curve on Thursday, as investors digested the midterm election results and looked ahead to employment data due later in the session.
At 4:11 a.m. ET, the yield on the benchmark 10-year Treasury was around 3 basis points lower at 4.865%. The yield on the 2-year Treasury note was flat at 4.581%, while the 30-year Treasury yield fell 3 basis points to trade at 5.245%.
One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
Investors are still assessing the outcome of the U.S. midterm elections, which saw the Democrats win control of Congress.
The so-called blue wave has raised questions around policy for the remainder of President Donald Trump's term, with oil prices falling on expectations that Iran war escalation has become less likely.
Treasury yields moved sharply lower in the wake of the result, with the 10-year yield ending the session 6 basis points lower on Wednesday.
Surging oil prices have put pressure on global government bonds this year, as energy supply constraints in the Middle East raise concerns about a resurgence of inflation and a hawkish turn among central banks.
Traders are also awaiting weekly jobless claims data, due to be published at 8:30 a.m. ET. October's nonfarm payrolls report is due on Friday.
