America’s Jobless Ranks Swell

"Good" news! US jobless claims rose sharply last week. Note the scare quotes. Generally speaking, we're not supposed to celebrate when our fellows are forced into the unemployment lines, but markets are currently operating in an extreme example of a "bad news is good news" regime. The Fed desperately needs the labor market to loosen up, lest officials should be compelled to persist in rate hikes beyond the 100bps in additional increases traders suspect may be coming. In that regard, the 21,00