Treasury yields rose Thursday following several days of wild swings that saw the 10-year top 4% last week and drop below 3.6% at one point this week.

The benchmark yield on the 10-year Treasury note was 5 basis points higher at 3.816%. The policy-sensitive 2-year Treasury rose 8 basis points to 4.235%.

Yields and prices move in opposite directions and one basis point equals 0.01%

After inflation rose persistently for months without any signs of slowing down, economic data released this week gave some early signs of prices starting to fall again.

An unexpected fall in job openings, announced on Tuesday, led investors to believe the U.S. labor gap may be starting to close. The growing gap was one of the key drivers of rising inflation as it drove up salaries.

ADP payroll data revealed on Wednesday that private companies added 8,000 more jobs than anticipated in September. More labor market data is expected to be published throughout the week, with weekly initial jobless claims on Thursday and Friday seeing the release of unemployment and non-farms payroll numbers for September.

Investors are looking for indications about Federal Reserve policy, specifically whether the central bank will continue to hike interest rates. Fears about rate hikes dragging the U.S. economy into a recession have been growing.

That comes as Fed speakers struck a hawkish tone in recent weeks, maintaining that they will not shy away from further interest rate hikes to control inflation.

Investors will therefore pay close attention to any shift in tone in remarks made by a series of Fed speakers on Thursday.