Reply To: Traders Market Weekly: Hello 2024, Unexpected Opportunity on The Menu

#69739
Truman
Participant

Initial jobless claims for the week ending December 30 decreased by 18,000 to 202,000 (consensus 220,000) while continuing jobless claims for the week ending December 23 decreased by 31,000 to 1.855 million.

The key takeaway from the report — and the ADP number — is that the labor market is still in good shape, which is good news for the economy if not for the market’s aggressive rate-cut outlook.

Treasury yields had already been moving higher ahead of the the data, but selling activity picked up in response. The 10-yr note yield is up seven basis points from yesterday at 3.98% and the 2-yr note yield is up five basis points to 4.37%.