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[Bloomberg]( Follow Us [Get the newsletter]( Bond yields rise again, claims data due, and more good vaccine news. Selloff Developed-market sovereign debt is taking another hit this morning with the 10-year Treasury yield [climbing to the highest in a year](, and even Japan's longer-dated benchmarks making a move. Fed Chair Jerome Powell said he sees the selloff as a "[statement of confidence](" in the economic outlook. Beyond the U.S., the European Central Bank is becoming concerned that the rapid rise in yields could [damage the economic recovery]( and Australia's central bank started buying bonds to [enforce its yield target](. Claims While investors are focused on the prospects for inflation and economic growth, during his testimony to Congress Powell highlighted how far the U.S. labor market is from [maximum employment](. Initial jobless claims data at 8:30 a.m. Eastern Time is expected to show little progress towards a employment recovery, with more than 800,000 new claimants likely to filed last week, according to economist estimates. Continuing claims are seen holding broadly unchanged. End in sight? A study that followed nearly 1.2 million people in Israel found that the Pfizer Inc. and BioNTech SE Covid-19 vaccine was overwhelming effective against the virus. It is so successful that outside experts said that with broad enough use, it may be [possible to halt the pandemic](. Bloomberg's vaccination tracker shows that more than [218 million doses]( have been administered globally. A committee of external advisors will give their recommendation on the [Johnson & Johnson single-dose vaccine]( to the Food and Drug Administration later today. Moderna Inc. said it had completed manufacturing a new version of its vaccine modified to [target the South Africa strain](. Stocks rise The factors that are causing the selloff in bonds are also helping lift stocks, with projections over how [people might spend their stimulus checks]( also helping equities. Overnight the MSCI Asia Pacific Index added 1.4% while Japan's Topix index closed 1.3% higher. In Europe the Stoxx 600 Index had gained 0.2% by 5:50 a.m. Eastern Time with energy and mining stocks the best performers. S&P 500 futures pointed to [little change at the open]( as tech remains under pressure, [oil rose]( and [gold slipped](. Coming up... As well as claims, we also get the second reading for fourth-quarter U.S. GDP and January durable goods orders at 8:30 a.m. Pending home sales data is at 10:00 a.m. and Kansas City Fed manufacturing is at 11:00 a.m. ARK Investment Management CEO Cathie Wood [speaks]( at the Bloomberg Crypto Summit. The rise in Treasury yields means investors have new reasons to pay attention to Fed speakers. And there are no fewer than five on the slate today including Fed Vice Chair for Supervision Randal Quarles. Salesforce.com Inc., Airbnb Inc., Dell Technologies Inc., Beyond Meat Inc. and Moderna Inc. are among the many companies reporting results. What we've been reading This is what's caught our eye over the last 24 hours. - Odd Lots: How [Chinese buying]( is causing a boom in agricultural commodities. - How the U.S. and Israel [raced to global lead]( in Covid vaccinations. - Goldman CEO says [remote work is an aberration](, not the new normal. - [GameStop, again.]( - This broker will let retail investors access the hottest IPOs. [But there's a catch](. - Europe's recovery choices will leave it [a year behind the U.S.]( - New study suggest supermassive black holes could [form from dark matter](. And finally, here’s what Joe's interested in this morning Jerome Powell wrapped up [two days of testimony in front of Congress yesterday]( and for the most part, the main takeaway is that there wasn't much news. Of course saying "the news is there wasn't much news" is kind of a cliche. But in this case, there's some significance to it. Unlike in the wake of the Great Financial Crisis, when the Fed kept trying new things in monetary policy -- QEI, QEII, Operation Twist (lol), Evan's Rule, etc. -- this time its approach is basically "set it and forget it." The Fed has set out a very high bar for when it's going to hike rates next -- sustained inflation and signs of hitting full employment -- and until the economy shows such things, it's going to sit on its hands. Not that complicated. More interesting than Powell on the Hill was the [speech yesterday from FOMC Governor Lael Brainard]( spelling out how she's thinking about the employment side of the mandate, and what "full employment" even means. The whole speech is worth reading, as it covers a lot of historical and analytical ground on the question. One sentence really stood out to me though in terms of offering a concise summary of the Fed's new thinking about the economy: The new framework calls for monetary policy to seek to eliminate shortfalls of employment from its maximum level, in contrast to the previous approach that called for policy to minimize deviations when employment is too high as well as too low. The bolded line is mine. Under the old Fed framework, as Brainard describes it, there was this notion that sometimes employment could get "too high." That sometimes too many people had jobs. That at various times over the last several decades it was the express goal to put more people out of work. It's worth pausing and letting that sink in. To some extent this was obviously embedded in the old Phillips Curve way of seeing the world: That there was this inherent tradeoff between jobs (good) and inflation (bad). And that if we got too much of the good, we might get more of the bad and had to balance these things out. As such we got rate hikes before inflation even took off, because there was a fear that too many people might soon be getting jobs. It's clear that if you've been listening to Powell, Brainard and other Fed members for awhile now, this view has been slowly getting discarded. Even before the pandemic really. The Fed still wants to keep inflation contained, but it no longer recognizes the concept of "too high" employment. Good news is good news now. It's a pretty big change. Joe Weisenthal is an editor at Bloomberg. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close.  Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](.  You received this message because you are subscribed to Bloomberg's Five Things newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022