The policy-sensitive 2-year Treasury yield fell further below 4.9% on Thursday after data showed that weekly initial jobless claims jumped to a 10-week high and a broad-based flight-to-safety trade took off in the afternoon.

What’s happening

What drove markets

Data released on Thursday showed that initial jobless benefit claims jumped to a 10-week high of 211,000 in early March, prompting yields to pull back in morning trading. Economists polled by The Wall Street Journal had expected new claims to total 195,000…