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US Treasury Yields Tight Range Following Data

By David Randall

NEW YORK, June 24 (.) – Lower-than-expected figures in employment reports and durables kept US Treasury yields in a narrow range on Thursday as investors saw little reason for the Fed Federal deviates from its plans to raise interest rates in 2023.

* Initial claims for state unemployment aid fell by 7,000 to 411,000 in the week to June 19, the Labor Department said, compared to a forecast of 380,000. May’s preliminary reading for durable goods orders rose 2.3%, down from the 2.8% expected.

* “The labor market remains volatile … so the only real conclusion is that removing fiscal and monetary support too early is the biggest risk to the recovery,” said Jamie Cox of Harris Financial Group. “While it doesn’t solidify any transitory arguments, it does anchor markets to pay more attention to the labor market for clues about the future path of rates.”

* The 10-year bond return reached 1.504%, but hovered around 1.4885% after the data was released. The 2-year paper yield was unchanged at 0.2621%, while the 30-year bond had a lower yield at 2.1008%.

* The yield curve, a measure of future economic expectations, was largely unchanged. The spread between 2- and 10-year yields rose to 122.70 basis points from 122.30 the previous day.

* Investors expect the Fed’s annual symposium in Jackson Hole, Wyoming, in late August. Until then, 10-year bonds will likely remain in the 1.40-160% range, said Tom Digaloma, Managing Director of Seaport Global.

* The Treasury will auction $ 62 billion in 7-year notes later on Thursday.

(Edited in Spanish by Janisse Huambachano)

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