- Weekly jobless claims are due out at 8:30 a.m. ET on Thursday.
- Markit is set to release its March manufacturing purchasing managers' index at 9:45 a.m. ET.
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The 10-year U.S. Treasury yield fell on Thursday morning, but remained above 1.71%, after President Joe Biden shared details of his $2 trillion infrastructure package.
The yield on the benchmark 10-year Treasury note dipped to 1.718% at 4:30 a.m. ET. The yield on the 30-year Treasury bond fell to 2.386%. Yields move inversely to prices.
Biden unveiled the infrastructure and economic recovery package on Wednesday evening. Biden's plan included spending on transportation, broadband and affordable housing.
The 10-year Treasury yield has eased back since hitting a 14-month high earlier in the week. The 10-year yield has risen rapidly in recent months, up from less than 1% at the beginning of the year, amid concerns about inflation.
Despite market concerns, Federal Reserve Chairman Jerome Powell has said the central bank will let inflation run hotter if it helps achieve full employment.
Michael Moran, chief economist at Daiwa Capital Markets America, told CNBC's "Squawk Box Europe" on Thursday that he believed the Fed would continue to "give some ground" to rising yields. He said that was with the understanding that "you have to price debt at its equilibrium level and if you have this degree of fiscal stimulus in place, your equilibrium interest rates are going to be higher than they are now."
Moran, therefore, believed the Fed would continue with its current quantitative easing program and then "scale it back beginning next year."
On the data front, weekly jobless claims are due out at 8:30 a.m. ET on Thursday.
Markit is set to release its March manufacturing purchasing managers' index at 9:45 a.m. ET and the Institute for Supply Management is then due to release its own manufacturing PMI index for March at 10 a.m. ET.
Construction spending data in the U.S. in February is due to come out at 10 a.m. ET.
Auctions will be held Thursday for $40 billion worth of four-week bills and $40 billion worth of eight-week bills.
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