Some Selling Before and After Jobless Claims

Jobless claims data continues to defy a majority of other labor market metrics in showing a remarkable lack of any signs of softening.  In fact, the 4 week average is now at a 13 week low.  While this isn’t the most highly consequential econ data, it’s one of this week’s only actionable reports. As such, bonds are undergoing a small but negative reaction, adding to moderate overnight weakness.