The yield on the 10-year Treasury fell on Thursday, reversing gains after topping the 4.25% threshold in the previous session as traders continue to digest the trajectory of interest rate cuts.

The 10-year Treasury yield slid more than 4 basis points to 4.1958%, while the 2-year Treasury fell over 3 basis points to 4.0466%.

Yields move inversely to prices. One basis point equals 0.01%.

Investors are looking ahead on Thursday to initial jobless claims and flash purchasing managers index (PMI) data.

Comments from Federal Reserve policymaker Beth Hammack will also be closely watched for an indication on the future path of interest rates as traders have become concerned that the central bank may opt for a slower pace of cuts.