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Post-Weekly Claims React

US TSYS
  • Moderate two-way action in Treasury futures following slightly lower than expected weekly claims (212k vs. 215k est, prior up-revised to 212k from 211k) and continuing claims (1.812M vs. 1.818M est, prior down-revised to 1.810M from 1.817M). Philadelphia Fed Business Outlook much higher than estimated (15.5 vs. 2.0 est).
  • Jun'24 10Y traded up to 108-04.5 before extending low at 107-29 last (-8), still inside initial technicals with support at 107-13.5 (Apr 16 low) vs r 108-25.5 resistance (Apr 12 high). 10Y yield 4.5977% +.0104, curves off lows: 2s10s +.491 -34.206.
  • Round of Fed speak next up with Fed Gov Bowman opening remarks at a banking conf (text, no Q&A) at 0905ET, NY Fed Williams moderated discussion (no text, Q&A) and Fed Gov Bowman, SIFMA Basel III Endgame Roundtable (Q&A) at 0915ET.
  • Leading Index and Existing Home Sales wraps up the day's data at 1000ET.

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