Softer overseas economic data is helping fuel a modest rally in Treasuries (by current standards) to start the day, with yields down 4-7 basis points across the curve. On the data front, initial jobless claims ticked higher again last week, up 5,000 to 245,000. Claims remain well below long-run averages (390k over 20 years), but it has been a fairly steady rise in recent months since touching a year-to-date low of 194,000 in January. Later this morning, March existing home sales data will be released, and tomorrow morning, S&P will release preliminary April PMI data for the U.S. and Europe. Several Fed leaders are scheduled to speak today, beginning with Governor Christopher Waller at noon.
Jason Haley
Chief Investment Officer
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