2023-11-17 07:50:03
US benchmark 10-Year Treasury Bond YieldA sharp fall on Thursday (16th) meant prices rebounded, as the latest batch of U.S. economic data increased recent optimism about an interest rate cut next year.
Data showed that U.S. Treasury yields of all maturities fell across the board overnight, largely offsetting Wednesday’s gains and continuing to hover at near two-month lows.
Among them, the 2-year U.S. Treasury yield fell 7.2 basis points to 4.85%, and the 5-year U.S. Treasury yield fell 9.8 basis points to 4.425%.10-year U.S. Treasury yieldIt fell 9.4 basis points to 4.441%, and the 30-year U.S. Treasury yield fell 7.5 basis points to 4.62%.
U.S. import and export prices both fell more than expected in October, Labor Department data showed on Thursday, capping a week of encouraging inflation data.
Regarding import data, import prices fell by 0.8% in October, following an upward revision of 0.4% in September, which was higher than the 0.3% drop expected by economists. At the same time, the US Department of Labor said that after export prices fell by 0.5% in September, export prices fell by 1.1% in October, also lower than the 0.5% expected.
Another report from the Labor Department showed that initial jobless claims rose to 231,000 in the week ended November 11, an increase that exceeded expectations of 220,000.
Nancy Vanden Houten, chief U.S. economist at Oxford Economics, said that the initial jobless claims data are consistent with the situation in the job market. The job market has cooled enough to make raising interest rates impossible, but it is too strong to do so in the short term. Consider cutting interest rates.
She added that the Fed was certainly encouraged by recent inflation data, but would need to see a further slowdown in labor market and wage growth to be confident that inflation is returning to 2% sustainably.
The Federal Reserve also released a report showing that industrial production fell more than expected in October, partly due to strikes at several major automakers.
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