Initial Jobless claims and Continuing Claims both posted higher than expected today with Initial Claims at 290K vs. 278K prior (consensus 280K) and Continuing Claims at 2392K vs. 2348K prior (consensus 2346K). The Monthly Budget report for September showed an 8.9% rise in receipts vs. a 1.3% rise in spending pushing the deficit to $483.4 Billion. The deficit is expected to decline again for the month of October. Treasuries rose off session lows in response to the claims data, and the curve is opening flat to yesterday’s 2:00 PM (PST) close.
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