U.S. Treasury yields rose Thursday after weekly jobless claims data that came in below expectations.
U.S. Treasury yields rose Thursday as Wall Street assessed weekly jobless claims data that came in below expectations, and allayed some concerns of a weakening labor market.was around 3 basis points higher at 3.981% The yield on the benchmark hovered near its highest level since Thursday, a day before a July's disappointing jobs report sent yields diving.Yields and prices move in opposite directions, and one basis point is equivalent to 0.01%.
"The drop in initial filings was larger-than-anticipated and the resulting price action suggests the update is being interpreted as evidence that the labor market remains on solid footing despite the July BLS report," said Ian Lyngen, head of U.S. rates at BMO Capital Markets. The data comes on the heels of a jittery period for Wall Street after last week's weak July jobs report sent markets tumbling, and fueled concerns about the state of the
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