Bond Market Update

Data Recon

• Treasury yields were moving slightly lower in a casual manner but saw some upward adjustment following the release of the October JOLTS report, which showed 7.670 million job openings versus estimates that were closer to 7.200 million. Job openings in the year-ago period were 7.615 million. Job openings for September were estimated to be 7.658 million based on partial data for businesses that self-reported during the government shutdown and data collected in November after the shutdown.
• The September Leading Economic Index registered a 0.3% decline following an upwardly revised 0.3% decline (from -0.5%) for August.
• The increase in job openings will factor into views that the Fed is apt to deliver a "hawkish cut" tomorrow.
• Yield check:
  • 2-yr: +2 bps to 3.60%
  • 3-yr: +2 bps to 3.63%
  • 5-yr: +2 bps to 3.77%
  • 10-yr: unch at 4.17%
  • 30-yr -1 bp to 4.80%