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Treasury yields fall slightly after jobless claims hit lowest level since March

Treasury yields held steady on Thursday as talks between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi over a new fiscal stimulus package dragged on.

The yield on the benchmark 10-year Treasury note was flat at 0.809% while the yield on the 30-year Treasury bond was also little changed at 1.613%. Yields move inversely to prices.

Pelosi and Mnuchin will meet again Thursday as they try to hammer out a deal on a fresh coronavirus aid bill before the Nov. 3 election.

“The Speaker & Secretary Mnuchin spoke today at 2:30 pm for 48 minutes. Today’s conversation brings us closer to being able to put pen to paper to write legislation,” Pelosi’s Deputy Chief of Staff Drew Hammill wrote on Twitter just after Wednesday’s closing bell on Wall Street.

National security officials announced Wednesday night that both Iran and Russia had obtained U.S. voter registration data and sought to influence public opinion and intimidate voters ahead of the election.

The Labor Department said Thursday new filings for jobless claims in the U.S. totaled 875,000 last week, the lowest total since the early days of the coronavirus pandemic. Economists surveyed by Dow Jones had been expecting 875,000.

September’s existing home sales data is due at 10 a.m. ET, while an FDA hearing on Covid-19 vaccines also gets underway at 10 a.m.

Auctions will be held Thursday for $30 billion of 4-week Treasury bills and $35 billion of 8-week bills, along with $17 billion of 5-year TIPS.

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