Bond yields edged higher on Thursday, tracking an uptick in US Treasury yields following Fed Chairman Jerome Powell’s bullish stance on US economic growth.
In the global market, US Treasury yields were little changed on Wednesday with the yield curve remaining near its flattest in nearly 11 years as Federal Reserve Chairman Jerome Powell stayed on message about a healthy economy before a US House of Representatives committee. Furthermore, Oil prices extended gains from the previous session, after official data showed that US inventories of gasoline, diesel and heating oil unexpectedly fell last week.
Back home, the yields on new 10 year Government Stock were trading 3 basis points higher at 7.78% from its previous close of 7.75% on Wednesday.
The benchmark five-year interest rates were trading 3 basis points higher at 7.94% from its previous close of 7.91% on Wednesday.