Yun Li, Elliot Smith
Treasury yields dipped on Thursday following disappointing data on the jobs market.
The Labor Department said Thursday there were a total of 898,000 new claims for jobless benefits in the prior week, higher than a Dow Jones estimate of 830,000. The total for the week ended Oct. 10 was the highest number since Aug. 22 and another sign that the labor market continues to struggle to get back to its pre-coronavirus pandemic mark.
Investors also continued to monitor the progress on further coronavirus stimulus. Treasury Secretary Steven Mnuchin said Thursday on CNBC’s “Squawk Box” that the White House won’t let differences over funding targets for Covid-19 testing derail stimulus talks with top Democrats.
However, Mnuchin said Wednesday that a pre-election stimulus deal with congressional Democrats was looking unlikely, with he and House Speaker Nancy Pelosi remaining “far apart,” but indicated that he would persevere nonetheless.
Pelosi said earlier this week that the Republican proposals “fall significantly short” of what Democrats need to see to consider an accord.
Auctions will be held Thursday for $30 billion of 4-week Treasury bills and $35 billion of 8-week bills.
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