U.S. Treasury yields fell on Thursday even after the latest data showed an continuous improvement in the labor market.
The yield on the benchmark 10-year Treasury note dipped 4 basis points to 0.930%, while the yield on the 30-year Treasury bond fell to 1.688%. Yields move inversely to prices. Treasury yields traded lower after the U.S. bond market was closed on Wednesday for Veteran’s Day.
The Labor Department reported Thursday that jobless claims hit 709,000 for the week ended Nov. 7, down from 757,000 the week before. Economists surveyed by Dow Jones estimated a total of 740,000 for last week.
This marked the fourth consecutive week that the total declined from the previous period, though claims remain above the pre-pandemic record 695,000 in 1982.
Federal Reserve chair Jerome Powell is set to speak at 1:45 p.m. ET. President of Federal Reserve Bank of Chicago, Charles Evans is then set to make a speech at 3 p.m. ET and New York Fed President John Williams is expected to speak at 4 p.m. ET.
Auctions will be held on Thursday for $30 billion worth of four-week bills, $35 billion of eight-week bills, $25 billion of 105-day bills and $30 billion of 154-day bills. Another $27 billion in 30-year bonds is also up for auction on Thursday.
