Daily Market Commentary

June 8, 2023

Bonds & Stocks
Treasury futures push to fresh session highs while the cash curve sharply steepens after weekly initial jobless claims prints well above estimate. Gains post-data led by front-end and belly of the curve with 2-year yields richer by ~6bp on the day.

Economy
Initial jobless claims rose by 28,000 to 261,000 in the week ended June 3, which included the Memorial Day holiday, a Labor Department report showed Thursday. The increase was the biggest since July 2021 and exceeded all forecasts in a Bloomberg survey of economists.

World
Mexican inflation slowed more than expected in May with policymakers signaling an extended period of restrictive monetary policy after their record hiking cycle.

Consumer prices rose 5.84% in May from a year earlier, from 6.25% in April, the national statistics institute said Thursday. That was lower than the 5.88% median estimate of economists surveyed by Bloomberg.

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