In a brief trading session, Treasury yields decline.

On Thursday, U.S. Treasury yields decreased during a brief trading session, as the bonds market will shut down early in commemoration of the late former U.S. President Jimmy Carter.

On Wednesday, the 10-year Treasury yield reached its highest level since April, while the 2-year Treasury yield also hit a high. However, by 8:03 a.m. ET on Thursday, both yields had decreased. The 10-year Treasury yield was 4.649%, 4 basis points lower than the previous day, while the 2-year Treasury yield was 4.262%, 2 basis points lower.

Yields and prices move in opposite directions, with one basis point equal to 0.01%.

On Thursday, many U.S. financial markets will be closed as a national day of mourning is observed for Carter, who passed away in December at the age of 100. A state funeral for the 39th president of the country will take place. Bond market trading will end early at 2 p.m. ET.

On Wednesday, minutes from the Federal Reserve's December Meeting were released, indicating that the pace of interest rate cuts would slow this year. This news cast concern over inflation and the potential impact of President-elect Donald Trump's policies.

"The minutes stated that almost all participants believed that the risks to the inflation outlook had increased, citing recent stronger-than-expected inflation readings and potential changes in trade and immigration policy as reasons for their judgment."

This week, a series of jobs data has been released, and investors eagerly await the nonfarm payrolls report on Friday, which is one of the last key pieces of data to be published before the Fed's meeting at the end of January.

According to estimates from Dow Jones, the U.S. added 155,000 jobs in December and the unemployment rate remained unchanged at 4.2%.