Treasuries were uniformly lower after the U.S. government released data showing that initial jobless claims dropped to 450,000 last week. Economists were expecting claims to increase.
Around midday, the two-year note was losing 5/32 to 100 23/32, yielding 2.37%, and the five-year was off 12/32 to 99 26/32, yielding 3.54%. The 10-year Treasury was down 19/32 to 105 31/32 to yield 4.25%, and the 30-year bond, which is being discontinued, lost 23/32 to 108 14/32, yielding 4.83%.
Thursday, the Bank of England and European Central Bank each reduced their key lending rates by a half-point. The BOE dropped its rate to 4%, and the ECB lowered to 3.25%. The reductions were larger than expected.