Treasury yields bounce back after data shows no signs of rising layoffs and durable-goods orders holding up after taking transportation out of the equation.
Treasury yields bounced back Thursday morning after U.S. data showed no signs of rising layoffs in the latest week and July durable-goods orders held up after taking transportation out of the equation.
What’s happening What’s driving markets Benchmark Treasury yields were higher on Thursday after data showed U.S. initial jobless benefit claims fell to a three-week low of 230,000 last week, and durable goods orders rose for a third straight month for July after setting aside recent issues at Boeing BA, -3.29%. Including transportation, though, orders sank by 5.2% last month.
Meanwhile, traders are awaiting Friday’s Jackson Hole speech from Federal Reserve Chairman Jerome Powell.Ahead of his comments, markets are pricing in an 82.5% probability that the Fed will leave interest rates unchanged at a range of 5.25%-5.5% on Sept. 20, according to the CME FedWatch Tool. The chance of a 25-basis-point rate hike to a range of 5.5%-5.75% at the subsequent meeting in November is seen at 40.5%.
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