Bond Market Update

Data Recon

• Initial jobless claims for the week ending June 13 decreased by 4,000 to 226,000 (Briefing.com consensus: 226,000), while continuing jobless claims for the week ending June 6 increased by 24,000 to 1.810 million.
  • The key takeaway from the report is the steady level of initial jobless claims—a leading indicator—which suggests the continuation of low firing activity overall.
• Separately, the Philadelphia Fed Index bounced back into expansion territory, printing a reading of 10.3 (Briefing.com consensus: 10.0) versus -0.4 in the prior month. The line between expansion and contraction for this report is 0.0.
• Yield Check:
  • 2-yr: +3 bps to 4.19%
  • 3-yr: +3 bps to 4.21%
  • 5-yr: +1 bp to 4.24%
  • 10-yr: -2 bps to 4.45%
  • 30-yr: -5 bps to 4.87%