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Continued Improvement In Jobless Claims
12/22/2011
Treasury prices are modestly higher this morning as a sleepy overnight session awakens to an active US economic calendar. The results have been mixed so far this morning. The 3rd qtr GDP report of +1.8% was slightly below expectations of 2.0% and shows considerable slowing from the previous level of +2.5%. However, this report was counterbalanced by a better than expected weekly jobless claims report that showed continued improvement in both initial and continuing claims. Later this morning, the final reading of the Univ of Michigan consumer confidence index is expected to show a slight improvement. Currently, the 10 year yield is at 1.939% (1.913% Tuesday) and the 2-10 yield spread is at 166bps, flat since yesterday morning.
