U.S. Treasury yields were largely unchanged on early Wednesday as investors faced a barrage of economic data before the Thanksgiving holiday.
What are Treasurys doing?
The 10-year Treasury note yield
TMUBMUSD10Y,
was down 0.5 basis point to 0.877%, while the 2-year note rate
TMUBMUSD02Y,
was steady at 1.602%. The 30-year bond yield
TMUBMUSD30Y,
rose 0.4 basis point to 1.607%.
See: Is the stock market open on Wednesday, Thanksgiving and Black Friday?
What’s driving Treasurys?
Trading volumes are likely to be thin in the last full trading of the week, with the bond market closed on Thursday for Thanksgiving and shuttered early on Friday, according to recommendations from the U.S. Securities and Industries Financial Markets Association.
Still, traders will be busy handling the rush of U.S. data. Weekly jobless benefit claims, October durable goods orders, and trade data in goods is due at 8:30 a.m. ET, followed by October new home sales, November consumer sentiment from the University of Michigan, and October personal income data at 10 a.m.
What did market participants say?
” Nearly all macro-economic metrics are far stronger than pundits had predicted. Yet, going forward, government efforts to curb the spread of COVID-19 likely may become far more stringent in short order, especially following December’s seasonal holidays,” said John Herrmann, a rates analyst at MUFG Securities.
