Treasury yields were flat in morning trading on Thursday as investors digest a volatile week for oil prices and await figures on last week’s initial jobless claims.
Jobless claims for the week ending April 17 are due at 8:30 a.m. ET, with the coronavirus pandemic continuing to send unemployment skyrocketing.
Another 4.3 million workers are expected to have filed state unemployment claims last week, according to Dow Jones. That brings the total number seeking benefits to over 26 million since states started shutting down in the second half of March to stop the spread of the coronavirus.
The previous week, 5.245 million Americans filed for unemployment, bringing the crisis total to just over 22 million, nearly wiping out all the job gains since the Great Recession.
Violent fluctuations in oil prices have held markets hostage this week as a demand collapse due to the coronavirus and persistent oversupply keep pressure on crude.
Auctions will be held Thursday for $90 billion of 4-week Treasury bills, $70 billion of 8-week bills and $17 billion of 5-year TIPS.