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No Help From Jobless Claims, Bond Markets Consider a Melt-Down
Posted to: Micro News
Thursday, July 31, 2014 8:36 AM

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The worst-case scenario in the short term is that tomorrow's NFP comes in stronger than expected.  This would confirm the long term bounce that 10yr yields look like they're making from the 2.4's after yesterday's GDP. 

Between now and then, markets may hold out some small hope for intervention from weaker-than-expected economic data.  Unfortunately, they didn't get it just now from Jobless Claims.

  • Claims 302k vs 301k forecast, 284k previously
  • 4 week average 297,250, from 300,750, lowest since 4/2006
  • Continued Claims 2.539mln vs 2.495mln forecast

Treasury yields spiked to 2.60 after the data and Fannie 3.5 MBS are down to 101-21. 

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