The 10-year Treasury yield has returned to its highest point in over three years.

On Thursday, the 10-year U.S. Treasury yield reached its highest point in over three years, as traders evaluated the impact of inflation.

On Thursday, the yield on the rose increased by 13 basis points to 2.827%, reaching its highest point since late 2018. Meanwhile, the yield on the jumped by 12 basis points to 2.919%. It's important to note that yields move inversely to prices, and 1 basis point is equivalent to 0.01%.

As investors evaluated inflationary pressures this week, the U.S. Census Bureau reported a 0.5% increase in March, slightly below the 0.6% increase anticipated by the Dow Jones. Gas stations were the largest contributor to sales.

On Wednesday, the Bureau of Labor Statistics announced that the March producer price index, which measures prices paid by wholesalers, experienced a 11.2% increase compared to the previous year, marking its largest increase since 2010.

Despite the 8.5% increase in overall prices from March 2021 to March 2022, the core CPI reading for the month only rose by 0.3%, which was below the forecasted 0.5% inflation rate. This has given some investors hope that inflation may be starting to peak.

Fidelity International's global head of macro and strategic asset allocation, Salman Ahmed, stated on CNBC's "Squawk Box Europe" on Thursday that his firm is more focused on shelter prices and the "more enduring influences of inflation."

In March, the highest increase in shelter costs, which account for one-third of the CPI weighting, occurred, rising 5% year over year.

Ahmed stated that demand is decreasing in certain consumer groups, and with the stabilization of oil prices, he anticipates that "some of the extreme momentum that accelerated over the past few months would ease off."

Ahmed stated that inflation remains high, and the focus is on whether the Fed will proceed with its aggressive tightening of monetary policy. If this occurs, then recession probabilities will increase.

The number of jobless claims increased by 185,000 during the week ending April 9, as per data from the Labor Department.

On Wednesday, U.S. President Joe Biden announced another $800 million in weaponry for Ukraine after speaking with Volodymyr Zelenskyy for an hour.

— bizfocushub.com staff contributed to this market report.