Powell’s Plan Is Not Working – Initial Jobless Claims Plunge To 5-Month Lows

Well this is not going to help fight inflation…

The number of Americans filing for jobless benefits for the first time dropped back below 200k last week (193k) – the lowest number since April…

Continuing Claims also fell to its lowest in 3 months.

Fed Chair Powell will not be happy that his cunning plan to fight inflation by easing the tightness in the labor market – by raising rates and crushing the economy – does not seem to be working.

Presumably this means more higher and more longer rate-hikes are to come…

Which explains why futures are tumbling.