Jobless Claims Lower Than Expected, 10yr Auction Disaster

Published: 01 January 1970
on channel: Nobody Special Finance

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Initial jobless claims came in lower than expected and though continuing claims were higher than expected and continued to rise, there was a downward revision to last week's alarming numbers. This has somewhat eased unemployment fears for the moment. Elsewhere yesterday's 10 year bond auction showed that the panic-driven flight to safety in long bonds has run it's course as investors lost appetite for US treasuries resulting in a monstrous 3 bps tail.

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