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Treasury yields rose on Thursday, erasing their losses from the previous session that were sparked by Fed Chair Jerome Powell signaling that the central bank would not take more aggressive hikes at upcoming meetings.

The yield on the benchmark 10-year Treasury note rose more than 17 basis points to 3.09% at roughly 11:15 a.m. ET, hitting its highest level since 2018. The yield on the 30-year Treasury bond rose 17 basis point to 3.176%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

The Fed announced it was raising its benchmark interest rate by half a percentage point on Wednesday afternoon, which marked its largest single hike since 2000, but was in line with market expectations.

The U.S. central bank also outlined its plans to start reducing its balance sheet in June.

However, Fed Chairman Jerome Powell said a 75-basis-point hike was not something the Federal Open Market Committee was "actively considering." That saw the 10-year yield fall on Wednesday afternoon.

Freddie Lait, founder and CEO at Latitude Investment Management, told CNBC's "Squawk Box Europe" on Thursday that the relief rally in markets was understandable, given the concerns that a 75-basis-point rate hike could have been in the cards, especially considering recent comments from the likes of St. Louis Fed President James Bullard.

Nevertheless, Lait said the Fed was still going to continue on its hawkish path of raising rates, in order to return them to around the 3% level in the next six or seven months.

Lait said he therefore thinks that "trend is still in play and it's likely we see a continuation of the moves that we've seen year-to-date from here."

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TecRecAg said:

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utah, get me two said:

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I just checked for the first time today, Was in meetings all morning. What the hell happened

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Edit: Sorry for the comedy today guys. All I can do is laugh at this point.

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Dan Scott said:

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Big volume on NIO dumping

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Bob Knights Liver said:

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SKEW dropped way down, BTW. Closing calls to take profits at the close maybe? Or MM think we're still headed south?

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Yoda, probably said:

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Trust the SKEW. The way, it shows you, if patient.

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Bob Knights Liver said:

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Farmer, I opened diagonals on T, so I have 7/2023 $23calls sold and 1/2024 $23calls purchased. I'm not sure I entirely understand what happens to these calls if they expire out of the money or if they expire in the money. Obviously if expiring out of the money means they expire worthless, then I want those July calls sold to simply expire and I'll keep or sell the 1/2024 calls. If something else happens I plan to continue rolling those July calls as the expiry gets closer.

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