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Rates Shrug Off Lower Than Expected Weekly Claims

US TSYS
  • Treasury futures are drifting near late session highs after the bell, Dec'23 10Y futures currently at 109-31.5 (+9.5) are back near Wednesday's pre-ISM Services data highs. Curves bear steepening with long end rates lagging, 2Y10Y at -69.524 +4.755.
  • Treasury futures had sold off after Initial Jobless Claims comes out lower than expected (216k, 234k est), Continuing Claims added to the healthier than expected data, falling to 1679k (cons 1719k) from a downward revised 1719k (initial 1725k). It falls back below the 2019 average, tying with mid-July levels having last been lower in January.
  • Meanwhile, Unit Labor Costs higher than expected at 2.2% vs. 1.9% est, Nonfarm Productivity near in-line at 3.5% vs. 3.4% est.
  • Market participation has been relatively thin, however, as evidenced by a rebound in German bunds this morning that carried over into US markets at midmorning.
  • Fed speak resumes this afternoon, the StL Fed will hold a forum on the search for bank president at 1400ET. NY Fed Williams partaking in a Bbg moderated market discussion at 1530ET, Atl Fed Bostic economic outlook, livestreamed at 1545ET, Fed Gov Bowman on future of money at 1655ET.
  • This evening, Atlanta Fed Bostic speaks about economic mobility at 1900ET, while Dallas Fed Logan discusses policy at Southern Methodist University (text, no Q&A) at 1905ET.
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