Yesterday’s rally in treasuries, the biggest since March 2009, has extended its drive this morning in response to a decline in global growth expectations. The Initial Jobless Claims unexpectedly plunged to 264K vs. 290K survey for the week ended October 11, a surprising -23K decline from prior which is not only the lowest of the recovery but also the lowest level since April 2000. Industrial Production in the US rose +1.0%, the most in 2 years, vs. +0.4% survey. The increase in US Industrial Production can be traced to the strongest utility production since May 2012 and +0.5% increase in manufacturing production. The curve has bear flattened with 2s10s down -2.9 bps.
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