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Oct 1, 2020

Bonds: Treasury yields rise slightly ahead of jobless claims data

 

Yun Li, Elliot Smith


Treasury yields climbed higher on Thursday as investors awaited a slew of fresh economic data.

The yield on the benchmark 10-year Treasury note climbed to 0.6939% and the yield on the 30-year Treasury bond was up at 1.4670%. Yields move inversely to prices.

Treasurys

TICKER COMPANY YIELD CHANGE %CHANGE
US3MU.S. 3 Month Treasury0.0990.0030.00
US1YU.S. 1 Year Treasury0.1190.000.00
US2YU.S. 2 Year Treasury0.1310.0060.00
US5YU.S. 5 Year Treasury0.2850.0150.00
US10YU.S. 10 Year Treasury0.700.0230.00
US30YU.S. 30 Year Treasury1.4770.0250.00

The main focus for investors Thursday will be a host of key economic data. Jobless claims figures for the week ended Sept. 26 are due at 8:30 a.m. ET, with economists expecting 850,000 initial filings, down from 870,000 the previous week.

Also published at 8:30 a.m. will be August’s personal income and spending data and PCE (personal consumption expenditure) price index readings.

At 9:45 a.m. ET, September’s final Markit manufacturing PMI (purchasing managers’ index) reading will be published, before ISM manufacturing PMI, new orders, employment and price data at 10 a.m. August’s construction spending figure is also due at 10 a.m.

Yields climbed on Wednesday after ADP’s monthly private-sector jobs count showed growth of 749,000 in September, ahead of the 600,000 expected from a Dow Jones economist survey.

Meanwhile, pending home sales soared 8.8% in August, marking its highest pace on record, according to the National Association of Realtors survey.

U.S. Treasury Secretary Steven Mnuchin said talks with House Speaker Nancy Pelosi on Wednesday had resulted in progress toward new Covid-19 relief legislation. The House of Representatives has postponed a vote on Democrats’ $2.2 trillion proposal so as to allow time for a bipartisan consensus to be reached.

Moderna said Wednesday that its Covid-19 vaccine will not be ready for emergency authorization before the Nov. 3 election, the Financial Times reported citing the company’s CEO.

Auctions will be held Thursday for $30 billion of 4-week Treasury bills and $35 billion of 8-week bills.

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