Treasury yields fall slightly ahead of US jobless claims data

Treasury yields fell slightly Thursday morning as investors await figures on the number of Americans filing for unemployment.

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 0.73% while the yield on the 30-year Treasury bond also dipped to 1.34%.

U.S. unemployment figures for last week are due for publication at 8:30 a.m. ET and are expected to increase by 5 million, building on prior two readings of record-breaking 6.6 million and 3.3 million, as the economic toll of the coronavirus pandemic becomes more apparent.

Market focus also remains attuned to hopes of a peak to the rate of infection, though New York state, America’s epicenter, set another single-day record for deaths on Wednesday.

More than 432,000 cases have been confirmed nationwide as of Thursday morning, resulting in more than 14,800 deaths.

Meanwhile, a bid to push through a further $250 billion of small business aid has stalled in Congress as Democrats insisted that it be coupled with a similar package for hospitals and local governments in order to tackle the crisis.

March PPI (producer price inflation) data is also due alongside the key initial jobless claims figure at 8:30 a.m. ET.

Auctions will be held Thursday for $90 billion of 4-week Treasury bills and $70 billion of 8-week bills.

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