U.S. initial jobless claims preview: U.S. initial jobless claims preview: jobless claims for the week ended April 5 are expected to see a 3k increase to 329k (median 320k). The 16k U.S. initial claims bounce to 326k in the final week of March reversed the 13k drop to 310k (was 311k) from 323k in the BLS survey week, as claims oscillate well below the lofty 349k figure at the end of February. The March tightening in claims after the February overshoot likely reflects a March unwind of prior weather distortions.
Fed funds opened at 0.08% Fed funds opened at 0.08% after a 0.07% close Wednesday. The rate ranged from 0.05% to 0.375% yesterday with a 0.08% effective. Interbank borrowing rates were mixed at today's Libor fixing. The overnight dollar Libor rate dipped to 0.08850% after edging up to 0.08860% yesterday. The 1-week rate rose to 0.12045% versus 0.11925%. The 3-month rate dropped to 0.22705% from 0.22755%. And the 12-month rate was fell to 0.54850% from 0.55300%. In the repo market, it's the current 5-year note that is special at -0.13%.