The 10-year Treasury yield is up by .25 bps to 4.027% on Wednesday as new jobs data signaled a reduced pace of firing among employees. As a reminder, Treasury yields move in the opposite direction as their price.
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Initial jobless claims for the week ended November 22 fell by 6,000 to 216,000 and were below the consensus estimate of 225,000. That marks the lowest level since mid-April, providing a positive signal for the labor market.
Jobless Claims Point to Limited Layoffs
Initial jobless claims partially reflect layoffs, as they measure how many people file for unemployment benefits for the first time. Lower layoffs signal a stronger economy and could result in investors taking a more risk-on approach by reducing their holdings in safe-haven assets, like Treasuries and gold.
The 10-year yield could also be affected by President Trump’s pick for the Fed Chair position. Bloomberg reported on Tuesday that close allies of Trump see him selecting White House National Economic Council Director Kevin Hassett.
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