💥BREAKING:

🇺🇸 US Initial Jobless Claims:

Actual: 227k
Expected: 222k

The visual of the Federal Reserve Chair scrutinizing a "miss" in jobless claims—227k actual vs 222k expected—encapsulates the market's obsession with bad news.

In this liquidity regime, a weakening labor market is paradoxically celebrated by risk assets, as it forces the central bank to abandon tightness and return to easing.

I do not worry about the health of the economy; I focus on the reaction function of the entity that controls the money supply.

The labor market cracks; the pivot accelerates.

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