Treasury prices are trading higher this morning as market participants react to the slightly better than anticipated Initial Jobless Claims report. Currently, the 2-year note has increased 1/32 to yield 0.32% while the 5-year note has risen 2/32 for a 1.24% yield. The benchmark 10-year Treasury note is trading 8/32 higher to yield 2.59% and the 30-year bond has gained 28/32 to yield 3.85%.
Once again providing mixed news on the labor market, the Initial Jobless Claims report by the Department of Labor showed that first time claims dropped from the previous period to 400,000; analysts were expecting claims to reach 405,000. The previous week’s level was upwardly revised from 398,000 to 401,000. Meanwhile, the more stable 4-week average number of initial claims continued to decrease; 407,750 versus the 414,500 level registered previously. However, Continuing Claims rose from the 3.720 million level seen last week to 3.730 million. Analysts were expecting a reduction in the number of continuing claims to 3.700 million.
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