The weekly jobless claims data (not to be confused with the big monthly jobs report) is hit and miss when it comes to its propensity to move the bond market. On occasions where the results fall far from the forecast, we tend to see moderate reactions. Odds increase when the headline breaks under the psychological level of 200k. With that, today's 198k print is having a bit of a negative impact on bonds at 8:30am, taking the market from roughly unchanged overnight levels into slightly weaker territory. A stronger Philly Fed index offered no solace.
