Name: Initial jobless claims fell to 199,000
Uploaded: 2025-12-31T18:10:41.872Z
Duration: 2 min 15 s
Description: CNBC’s Rick Santelli reports on the latest economic data to cross the tape, with initial jobless claims falling to 199,000 for the week ending December 27.

CNBC’s Rick Santelli reports on the latest economic data to cross the tape, with initial jobless claims falling to 199,000 for the week ending December 27.

U.S. initial jobless claims for the week ending December 27th reached 199,000, a figure not seen since late 2022 and one of the lowest since 1969. Continuing claims also declined, falling to 1,866,000 for the week ending December 20th, with both figures potentially influenced by seasonal factors.

Additionally, Treasury yields saw significant changes, with the two-year yield at 3.46% and the ten-year at 4.13%, both down for the year. The spread between the two- and ten-year yields widened to 68 basis points, the largest in four years, amid diverging views from Federal Reserve officials regarding inflation and future rate cuts.

Initial jobless claims fell to 199,000

Back to Squawk Box, Rick Santelli here live at CME HQ for the last data set of 2025 initial jobless claims for the week ending December 27th under 200,000, 199,000. Sorry, got a little excited there. We don't have many of these numbers under 200,000 and we know many are going to point to seasonalities due to holiday issues and work week number of days. But if you just look at it on the surface, 199,000 would be the lowest since it was 192,000, which was supposedly a distortion for Thanksgiving on the week of, what, 11-28? And that was the lowest going back to the fall of 22 when it was 189,000. See how bunched up they are? And then that goes back to 1969. Now, continuing claims, back under 1.9 million, 1,866,000. We had a couple under 1.9, then last week we popped above it. Now we're back below it a bit. Once again, now this is the week ending December 20th. It really shouldn't have any distortions due to the closure for Christmas, but nonetheless, I'm sure seasonal issues probably are coming into play here. Real quickly, let's just look at the fact that we're at, what, 346 on a two-year. That would be down, what, 80, 78 basis points for 2025. And here we are at 4, what is it, 413 on a 10-year. That would be down 45, 46 basis points. So these are the way the numbers stand. I think the best way to look at year end here is the 210 spread. That spread right now, hovering at 68 basis points, is the widest in four years, basically January of 22. And the reason I find that so fascinating is, well, just look at the minutes to the last Fed meeting. Everybody's going in different directions. Many are worried about inflation. Many are talking about they do still see eases in 2026. If you put that together, what does it spell? Steepening yield curve. Joe, back to you.

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