Yield curve steepened with healthy job data 健康的就業數據使殖利率曲線趨陡

Yield curve steepened with healthy job data

On Thursday (9/21), the benchmark 10-year Treasury yield surged about 8bps, closing at a relatively high level near 4.5% during the day, the highest since 2007. Along with the interest rate sensitive 2-year Treasury yield falling from the high level after FOMC, the yield curve steepened and became less inverted to around -65bps. The US initial jobless claims last week dropped to 201,000 people, below the market expectation of 225,000 people, and the revised previous value of 221,000 people, setting a new low since January this year. The healthy job market will continue to support the economy. The market is increasingly convinced that as the US economy remains strong, and interest rates will have to stay at a higher level.

Economic data
• Initial jobless claims in the US for the previous week stood at 201,000, with an estimated 225,000 and a previous value of 221,000.
• Continuing jobless claims in the US for the previous week were at 1,662,000, with an estimated 1,695,000 and a previous value of 1,683,000.

US Treasury market conditions
• The 2-year US Treasury yield decreased by 3bps to around 5.14%.
• The 10-year US Treasury yield rose by 8bps to around 4.49%.

健康的就業數據使殖利率曲線趨陡

週四(9/21)美國10年期公債收益率飆升約8bps,收在日內相對高位,幾乎觸及4.5%,是2007年10月以來的最高,2年期公債收益率則是自前一日利率決議會後的高點回落,殖利率曲線趨陡,使目前倒掛的情況收窄至約-65bps。美國上週初領失業金人數報 20.1 萬人,遠低市場預期的 22.5 萬人,也低於修正後前值 22.1 萬人,寫下今年 1 月以來新低。健康的就業市場將持續支撐經濟,市場越來越確信,隨著美國經濟保持強勁,利率將不得不維持在較高的水平。

經濟數據
• 美國上週初領失業金人數為20.1 萬,預期 22.5 萬,前值 22.1 萬
• 美國上週續領失業金人數為166.2 萬,預期 169.5 萬,前值 168.3 萬

美債市場狀況
• 2年期美債利率較前日下跌約3bps至約5.14%
• 10年期美債利率較前日上升約8bps至約4.49%