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The U.S. Treasuries slumped Thursday ahead of the country’s ADP non-farm employment change data for the month of December and the weekly initial jobless claims, scheduled to be released later today. Also, FOMC member Bullard’s speech, due today at 18:30GMT will add further direction to the debt market.
The yield on the benchmark 10-year Treasuries jumped nearly 3 basis points to 2.47 percent, the super-long 30-year bond yields also climbed 3 basis points to 2.81 percent and the yield on the short-term 2-year traded a little over 2 basis points higher at 1.95 percent by 11:40GMT.
The minutes of the Federal Open Market Committee's (FOMC) last meeting of 2017 highlighted the strong and strengthening pace of economic expansion despite hurricane-related distortions. Many participants anticipated that the announced changes to business taxes would provide a "modest boost to capital spending, although the magnitude of the effects was uncertain".
However, supply-side effects were deemed somewhat uncertain, citing industry contacts that tax savings were likely to be used for mergers and acquisitions rather than for capital expenditures. The prospect of personal income tax cuts led many participants to expect "some boost to consumer spending", with a few noting that the expectation of a tax cut has likely already acted to boost asset prices, and thus household net worth. Similarly, personal tax cuts were viewed by a few participants to help boost labor supply by an uncertain amount.
Ahead of tomorrow’s payrolls numbers, today brings a taster of what to expect with the December ADP employment report (consensus forecast of 190k, the same as November), as well as the usual weekly claims figures. The US Markit PMIs, far less closely watched than the ISM indices or indeed the equivalent European numbers – are also due today.
Meanwhile, the S&P 500 Futures traded 0.13 percent higher at 2,714.50 by 11:25GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained highly bearish at -116.68 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
