Bond Market Update

Data Recon

• Initial jobless claims for the week ending May 17 decreased by 2,000 to 227,000 (Briefing.com consensus 232,000), while continuing jobless claims for the week ending May 10 increased by 36,000 to 1.903 million.
  • The key takeaway from the report is that initial jobless claims are running steady at levels that are well below recession-type readings; moreover, this report covered the period in which the survey for the May employment report was conducted and should contribute to expectations that nonfarm payrolls will again show a relatively solid print.
• Yield check:
  • 2-yr: -3 bps to 3.98%
  • 3-yr: -4 bps to 3.97%
  • 5-yr: -4 bps to 4.12%
  • 10-yr: -2 bps to 4.58%
  • 30-yr: +1 bp to 5.10%