2018.03.0822:46:00UTC+00U.S. Treasury Yields Drop after ECB Decision, Unemployment Claims

U.S. government debt yields fell on Thursday following the European Central Bank's decision to hold interest rates steady and after President Donald Trump signed steel and aluminum tariffs.

The yield on the benchmark 10-year Treasury note was lower at 2.859 percent, while the yield on the 30-year Treasury bond was also lower at 3.127 percent. Bond yields move inversely to prices.

The European Central Bank dropped its easing bias but held rates steady in its Thursday meeting. The central bank has, until now, stated that it stands ready to augment its bond purchasing should the economic outlook in the European Union falter.

ECB President Mario Draghi said that the ongoing economic recovery in the region reinforces the central bank's decision to remove the so-called easing bias.

Though the bank tweaked its bias on its quantitative easing program toward a more hawkish stance, some thought Draghi's comments undermined the move.

Ahead of the all-important nonfarm payrolls data due out on Friday, investors poured over the latest unemployment claims report.