This is not a typo, the 10-year was down 27bp for the week ended 6.6.24. The 27bp decrease occurred over a multi-day time period indicating the Monthly new jobs total was going to be stable or decrease. On 6.7.24 new jobs created came in at a robust level of 272,000 compared to the prior month's 175,000. Get ready for upward pressure and volatility with Treasury rates this coming week.
Upcoming Key Economic Data Release:
The next new job release is 6.7.24. ( unemployment increased from 3.9% to 4.0%)
The next inflation release 6.12.24 (most recent 5.15.24 annual CPI decreased from 3.5% to 3.4%)
The Next Fed meeting is 6.12.24 With the robust new jobs, it is unlikely the Fed will lower rates at this meeting.
For the past week, 10-year Treasury rates were DOWN 27bp. Net change in 2 weeks is DOWN 15bp.
The red line is the most current rate while the green line is one week ago. Longer-term rates decreased more relative to shorter-term rates, as such the inverted yield curve is MORE steep.
For terms 5+ years, the Yield Curve is BARELY positive.
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