10-Year T-Note Futures Market News and Commentary
Sep T-notes (ZNU20) on Thursday closed up +4.5 ticks. The 10-year T-note yield fell -0.7 bp to 0.669%.
Sep 10-year T-note prices on Thursday recovered from a 1-week low and settled higher on pandemic concerns and a weak U.S. jobless claims report. T-notes initially fell to a 1-week low, and the 10-year T-note yield rose to a 1-week high of 0.711%, after Thursday's stronger-than-expected monthly U.S. payroll report.
June non-farm payrolls rose +4.8 million, stronger than expectations of +3.23 million, and the largest increase since the data began in 1939. The June unemployment rate fell -2.2 to 11.1%, showing a stronger labor market than expectations for a decline to 12.5%.
T-notes found support on Thursday's other U.S. economic data. U.S. Jun average hourly earnings fell -1.2% m/m, weaker than expectations of -1.0% m/m, and the biggest decline since the data series began in 2006. Also, U.S. weekly initial unemployment claims fell -55,000 to 1.427 million, showin... Read more