Treasury yields lacked direction early Thursday as investors sifted through a raft of tepid U.S. economic data that belied the pent-up hopes for reflation later this year.
What’s driving Treasurys? Bond markets were at a crossroads, as traders were unsure how much further they could nudge yields higher as economic growth and inflation expectations had yet to make their way into the data. Indeed, economic data on Thursday underlined the continuing struggles of the U.S. labor market during the pandemic. U.S. claims for unemployment benefits rose to 861,000 in the week ending Feb. 13, up from a revised 848,000 in the prior week.
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Imagine being someone that buys bonds. lol
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