Initial jobless claims
Initial dollars claims

A big surprise in the initial dollars claims but continuing claims did fall. Nevertheless this is the highest level for initial jobless claims since October 2021. Of note as well is that continuing claims is on a week lag. Is this the start of the jobs market starting to feel the impact of Fed rate hikes?

Yields have moved lower with the 2-year now down 4.4 basis points at 4.508%. The 10-year is down 0.4 basis points to 3.779%

The expectation for a June rate hike is now at 25% which is lower than earlier levels today of about 31%.

Premarket for US stocks show:

  • Dow unchanged
  • S&P index +3.73 points
  • NASDAQ index up 18 points