August 20, 2026
Yields higher before jobless claims data
Over in bond land, Treasury yields are higher before the opening bell Thursday ahead of today’s release of fresh unemployment claims data and July’s Leading Index. As of 7:00 AM ET, the yield on the 10-year note is rising two basis points (0.02%) to 4.67%, while the 30-year bond yield is increasing three basis points (0.03%) to 5.22%. The yield on the two-year note, which is more sensitive to changes in monetary policy, is up two basis points (0.02%) to 4.18%.
Treasury yields were lower on Wednesday as markets reacted to the U.S. Treasury’s plans to increase buybacks for long-dated bonds. Investors also assessed the Federal Open Market Committee’s meeting minutes, with many Federal Reserve (Fed) officials expecting that rate hikes would be needed if inflation remains elevated. The yield on the 10-year note was down five basis points (0.05%) to 4.65%, while the 30-year bond yield fell nine basis points (0.09%) to 5.19%. The yield on the two-year note decreased one basis point (0.01%) to 4.16%.
On the data front, the Philadelphia Fed will release their August Manufacturing Business Outlook Survey, with the diffusion index of current general activity forecasted to fall to 24.8 from the prior month’s 41.4. Initial jobless claims for the week ending August 15 are expected to come in at 210,000, higher than the prior week’s 209,000, while continuing claims are expected to rise slightly to 1.79 million for the week ending August 8 from the prior week’s 1.78 million. The Leading Index for July is forecasted to show an increase of 0.1%, versus the prior month’s decrease of 0.2%.
In the auction space, the U.S. Treasury is set to issue $110 billion in four-week bills, $100 billion in eight-week bills, and $8 billion in 30-year Treasury Inflation-Protected Securities.
In the central bank space, San Francisco Fed President Mary Daly and St. Louis Fed President Alberto Musalem are scheduled to speak today.
Municipal Market Commentary
The Bloomberg 30-day visible supply rose $270 million to $23.367 billion on Wednesday, a 12-month high, compared to the 12-month average of $14.434 billion.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors. Additional information available by request.
Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.