Last Week Jobless Claims unexpectedly hit a two-month high, interrupting the prior steady decline to pre-recession levels. Initial Jobless Claims (consensus 300K) posted 315K vs. 304K prior (revised) and Continuing Claims (consensus 2490K) rose to 2487K vs. 2478K prior (revised). This unexpected rise in Initial Claims, coupled with last Friday's disappointing Nonfarm Payrolls, could affect the FOMC’s rate decision next week. The Treasury monthly budget report for July showed the deficit is running 24% percent below last year’s, and expectations for August are for -$130 Billion. 10-Year notes rose for the first time in six days as concern that political tension in the Middle East will escalate fueled demand for the safe haven assets, ahead of next week’s Federal Open Market Committee meeting. The curve has bull steepened with 2s10s up +1.6 bps.
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