Healthy U.S. economic data and a rise in crude oil prices that briefly surpassed $95 a barrel triggered more selling in long-term Treasurys Thursday morning.
Healthy U.S. economic data and a rise in crude oil prices that briefly surpassed $95 a barrel triggered more selling in long-term Treasurys Thursday morning, sending the 30-year yield on its way toward its highest level since 2010.
Data released on Thursday showed that weekly initial jobless claims rose slightly to 204,000 last week from a revised 202,000 previously, with layoffs remaining extremely low and no sign of rising unemployment. In addition, second-quarter GDP grew at a solid 2.1% pace, based on revised figures, and the third quarter is shaping up to be even stronger.
The sharp, ongoing rise in long-dated U.S. government bond yields is causing nervousness among fixed-income and some stock-market investors. The ICE BofAML MOVE index, which tracks expected volatility in Treasurys, has risen 15% over the five-day period that ended on Wednesday.
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