Bond Market Update

Data Recon

• Initial jobless claims for the week ending March 21 rose by 5,000 to 210,000 (Briefing.com consensus: 210,000), while continuing jobless claims decreased by 32,000 to 1.819 million, which is the lowest level since May 25, 2024.
  • The key takeaway from the report is that it is not indicative of a weak labor market, particularly with initial jobless claims—a leading indicator—continuing to run at historically low levels.
• Yield Check:
  • 2-yr: +5 bps to 3.93%
  • 3-yr: +5 bps to 3.93%
  • 5-yr: +6 bps to 4.03%
  • 10-yr: +5 bps to 4.37%
  • 30-yr: +3 bps to 4.93%