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(Adds analyst comment, updates market activity) By Ross Kerber BOSTON, April 2 (Reuters) - U.S. Treasury yields were little changed on Thursday despite a record rise in jobless claims, as investors struggled with the unprecedented data and tried to gauge when the coronavirus pandemics economic impact might peak. The benchmark 10-year yield was down 2.4 basis points at 0.6111% in afternoon trading. That was close to where it stood at 8:30 a.m. EDT (1230 GMT), when the U.S. Labor Department reported the number of Americans filing claims for unemployment benefits last week shot to a record high for a second week in a row - topping 6 million. More jurisdictions enforced stay-at-home measures to curb the pandemic, which economists say has pushed the economy into recession. A closely watched portion of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes was at 39 basis points, 1.5 basis points higher than Wednesdays close. Major Wall Street indexes were up on hopes of a truce between major oil producers, also helping stabilize yields. Analysts contacted by Reuters said the subdued market reaction suggested the jobless numbers were so wide they were hard to fit into traditional models. The bad data is being priced in. We know that a large part of the economy is shutting down, so maybe people just expected an outlandish number, said Priya Misra, head of global rates strategy at TD Securities in New York. Now the market is more focused on the length of time the shutdown will last, she said. The two-year U.S. Treasury yield was down 1.4 basis points at 0.2196% in afternoon trading. It reached as low as 0.202% overnight, its lowest level since 2013. The figure typically moves in step with interest rate expectations. The Fed has already cut its target interest rate range to nearly zero and most analysts do not see that changing anytime soon in the face of the worsening pandemic, bringing the yield down. Barring a big uptick in inflation, its likely they will stay there two years, said Guy LeBas, chief fixed income strategist for Janney Montgomery Scott. April 2 Thursday 2:17PM New York / 1817 GMT Price US T BONDS JUN0 181-29/32 0-25/32 10YR TNotes JUN0 138-252/256 0 Price Current Net Yield % Change (bps) Three-month bills 0.095 0.0966 0.023 Six-month bills 0.1525 0.1547 0.021 Two-year note 100-79/256 0.2196 -0.014 Three-year note 100-172/256 0.271 -0.008 Five-year note 100-160/256 0.3735 0.005 Seven-year note 100-176/256 0.5247 -0.004 10-year note 108-128/256 0.6111 -0.024 30-year bond 118-128/256 1.2553 -0.034 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 23.25 -0.50 spread U.S. 3-year dollar swap 15.50 -0.25 spread U.S. 5-year dollar swap 12.25 -0.50 spread U.S. 10-year dollar swap 5.50 -1.00 spread U.S. 30-year dollar swap -40.50 1.00 spread (Reporting by Ross Kerber in Boston Editing by Jonathan Oatis and Matthew Lewis) View comments
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