March the 9th is in the books here on Wall Street. Here's the New York Minute. It's been a rather calm day here in the stock market. And that's because the action has been in bonds and on the other side of the Atlantic.
This is what happens to the 10-year bond yield in Germany today, dipping after the ECB announced that it wasn't going to be curtailing it's QE programme as some thought, but then rising very sharply, indeed, when Mario Draghi gave his press conference and appeared to declare victory over deflation. That led to a great run up for the shares of eurozone banks. They were in deep crisis back last summer. Anybody bought then would have done very well out of it.
Meanwhile, that's had a big effect on the bond market over here. As you can see, the 10-year treasury yield has gone from below 2.5 to just about 2.6% in the space of just three days. That could be a psychological barrier ahead of non-farm payrolls tomorrow. And if we take a look at today's data on the new unemployment insurance claims, you can see that they're running at their lowest since the early 1970s. Everybody is braced for a strong payroll report. We'll soon find out if they're right. And that's the New York minute.