• Jobless Claims
  
  • 249k vs 236k f'cast, 235k prev

Bonds were only a hair weaker overnight with very little directional movement.  Even the much-anticipated policy announcement from the Bank of England failed to inspire.  

Jobless Claims, however, are up to the task.  249k is the highest reading in exactly a year, and well over the 236k consensus.  Granted, we've expressed uncertainty as to whether this means anything significant for the labor market in light of the potential seasonal adjustment issues (more on that in the AM commentary), but traders approve.

MBS are back to unchanged after starting out down 3 ticks (.09).  10yr yields are also unchanged at 4.031 after starting as high as 4.066.