The U.S. labor market demonstrated resilience as initial jobless claims for the week ended May 3, 2025, decreased by 13,000 to 228,000, surpassing the expected 230,000 and down from the previous week's 241,000. Continuing claims also saw a reduction of 29,000 to 1.879 million for the week ended April 26, from 1.916 million the week prior, reflecting a robust employment landscape amidst economic uncertainties related to President Trump's tariffs. In the mortgage sector, the average rate on a 30-year fixed mortgage held steady at 6.76% for the week ending May 8, 2025, according to Freddie Mac, lower than the 7.09% recorded a year ago. This stability in rates, coupled with a 10-year Treasury yield of 4.35% and a spread of 253 basis points, contributed to an 11% increase in mortgage applications from the previous week, driven by both home purchases and refinancing activities, as reported by the Mortgage Bankers Association (MBA). The U.S. Treasury conducted a $25 billion 30-year bond auction on May 8, 2025, with a high yield of 4.819%, slightly above the when-issued yield of 4.812%. The bid-to-cover ratio was 2.31, indicating moderate demand for the securities. Additionally, the yield on 4-week bills was set at 4.225% with a bid-to-cover ratio of 2.82, reflecting stable short-term borrowing costs. The Federal Reserve's bids for these securities totaled $279.9 million for 4-week bills and $8.8 billion for 30-year bonds.