Traders work on the New York Stock Exchange (NYSE) floor on November 12, 2024 in New York City.
The benchmark 10-year Treasury yield dipped on Thursday as investors assessed data that may suggest a sluggish economy and awaited several speeches from Federal Reserve policymakers that may help point the way for interest rates.
The 10-year Treasury yield fell to 4.388%, while the yield on the 2-year Treasury slipped to 4.302%.
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Yields and prices move in opposite directions, and one basis point equals 0.01%.
Two economic reports out Thursday may signal nascent economic weakness. Continuing claims for jobless insurance climbed to 1.908 million from 1.872 million last week, 25,000 more than the Street's estimate of 1.883 million. And the Philadelphia Federal Reserve manufacturing index of activity in the region slowed to -5.5 in November against economists' estimate of +6.9 and October's +10.3.
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October seasonally adjusted existing home sales grew to an annual rate of 3.960 million, higher than the Street's forecast of 3.925 million and September's rate of 3.840 million. The Kansas City Federal Reserve manufacturing survey for November is scheduled for release later in the day.
Fixed income investors are also monitoring scheduled remarks by Fed policymakers for hints as to how the central bank may direct interest rates later this fall and winter, having already lowered rates in both September and November.
Cleveland Fed President Beth Hammack, Chicago Fed President Austan Goolsbee, Kansas City Fed President Jeff Schmid, Fed Vice Chair for Supervision Michael Barr are all poised to deliver remarks about the U.S. economy on Thursday.
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Fed Governor Michelle Bowman warned on Wednesday that the fight to bring inflation back to the central bank's 2% target "appears to have stalled."
Also hanging over the bond market are President-elect Donald Trump's potential picks for Treasury secretary, with concerns tied to the candidates' experience and policy beliefs, as well as the latest developments in the Russia-Ukraine war, with tensions between Washington and Moscow mounting this past week as Moscow and Kyiv exchanged missile attacks.
— CNBC's Scott Schnipper, Samantha Subin and Sophie Kiderlin contributed to this report.
