If we examine the correlation between the 10-Year US Treasury and 4-week Rolling NSA Initial Jobless Claims on a year-over-year basis, you'll find that as the labor market deteriorates to some degree, investors are keeping their cool and not fleeing to Treasuries as a safe haven play. Conversely, investors seem to be confident that the bull run in the US equity market will continue despite weakness in yesterday's ADP report and this morning's jobless claims numbers. The 10-year yield hit a two-month low earlier this morning at 1.823% before rising back above 1.826%.
