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Anonymous ID: 6dacb9 Aug. 6, 2020, 6:56 a.m. No.10199185   🗄️.is đź”—kun

Treasury Yields lower despite jobless claims beating expectations

 

Treasury bond yields on Thursday morning ticked up slightly after weekly jobless claims beat expectations, but gains were capped and yields remained lower on the day with bond traders expecting to see evidence of a slowdown in the U.S. labor market’s recovery in Friday’s federal payrolls data.

 

The number of Americans seeking unemployment benefits fell last week to 1.186 million, compared to 1.435 million in the prior week, the Labor Department said on Thursday. But the numbers remain high, suggesting the labor market is stalling as the country battles a resurgence in new COVID-19 cases. The benchmark 10-year yield was last down 2 basis points on the day to 0.523%. Earlier this week it had reached its second lowest yield of all time, the record low having been set on March 9. The two-year yield was last down 0.4 basis points to 0.113% and the long bond was down 2.8 basis points to 1.191%.

 

In a separate report on Thursday, data from global outplacement firm Challenger, Gray & Christmas showed that U.S. employers announced another 262,649 job cuts in July, up 54% from June. The U.S. government bond market has been telling a different story than the equity market in recent weeks about the U.S. economic recovery. All three major U.S. stock indexes have nearly recovered to pre-pandemic highs, with the Nasdaq index recording a fresh all-time top on Wednesday.

 

The U.S. stock and corporate credit markets have been bullish on the Federal Reserve’s unprecedented intervention into financial markets, analysts said, while the Treasury market reflects persistent weakness in U.S. economic data.

 

On Friday, the U.S. government will release its closely watched monthly payrolls figure. According to a Reuters survey of economists, nonfarm payrolls likely increased by 1.6 million in July, down sharply from the record 4.8 million jobs created in June.

https://www.reuters.com/article/usa-bonds/treasuries-yields-lower-despite-jobless-claims-beating-expectations-idUSL1N2F80SH

 

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Anonymous ID: 6dacb9 Aug. 6, 2020, 7:39 a.m. No.10199437   🗄️.is đź”—kun   >>9480 >>9629 >>9677

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