Bond Market Update

Data Recon

• Initial jobless claims for the week ending November 16 decreased by 6,000 to 213,000 (Briefing.com consensus 221,000). Continuing jobless claims for the week ending November 9 increased by 36,000 to 1.908 million. That is the fist reading above 1.900 million since November 2021.
  • The key takeaway from the report is that the rising trend for continuing jobless claims connotes a softening labor market whereby it has become more challenging to find a new job after being laid off.
• The Philadelphia Fed Index checked in at -5.5 for November (Briefing.com consensus 7.0) following a 10.3 reading for October. The dividing line between expansion and contraction is 0.0, so the November reading suggests manufacturing activity in the Philadelphia Fed region contracted in November.
• Yield Check:
  • 2-yr:UNCH at 4.31%
  • 3-yr: UNCH at 4.25%
  • 5-yr: -1 bp to 4.27%
  • 10-yr: -1 bp to 4.40%
  • 30-yr: UNCH at 4.60%