The Treasury curve bear-steepened overnight, with the front end supported by dovish comments made by Yellen; while the back end sold off due to pressure from the 30-year Bund auction. A risk on trade furthered the rise in yields with equities and oil both up in the overnight session. Initial jobless claims fell by 13,000 from the prior week, coming in slightly below expectations. Continuing claims actually increased by 36,000 from the prior week, but continue to remain around the lowest level since the early 1970s; all in all the labor data points to a robust jobs market. Happy Thanksgiving!

Hafizan Hamzah
Director, Investment Management Group

11/20Leading Index0.80%1.20%-0.20%0.10%
11/21Chicago Fed Nat Activity Index0.20.650.170.36
11/21Existing Home Sales5.40m5.48m5.39m5.37m
11/21Existing Home Sales MoM0.20%2.00%0.70%0.40%
11/22MBA Mortgage Applications0.10%3.10%
11/22Initial Jobless Claims240k239k249k252k
11/22Continuing Claims1880k1904k1860k1868k
11/22Durable Goods Orders0.30%-1.20%2.00%2.20%
11/22Durables Ex Transportation0.50%0.40%0.70%1.10%
11/22Cap Goods Orders Nondef Ex Air0.50%-0.50%1.70%2.10%
11/22Cap Goods Ship Nondef Ex Air0.30%0.40%0.90%1.20%
11/22Bloomberg Consumer Comfort51.752.1
11/22U. of Mich. Sentiment9897.8
11/22U. of Mich. Current Conditions113.6
11/22U. of Mich. Expectations87.6
11/22U. of Mich. 1 Yr Inflation2.60%
11/22U. of Mich. 5-10 Yr Inflation2.50%
11/22FOMC Meeting Minutes
11/24Markit US Manufacturing PMI5554.6
11/24Markit US Services PMI55.355.3
11/24Markit US Composite PMI55.2