Fed’s ‘Immaculate Disinflation’ Intact, But Stalled

There were 8.756 million open jobs across the world's largest economy on the last business day of February, closely-watched data released on Tuesday showed. That was slightly more than economists expected, but we can fairly call it an "in-line" print. That's not necessarily a good thing in this context, though. Ideally, the JOLTS headline will continue to drift down, in keeping with the "immaculate disinflation" narrative. On that score, it was incrementally constructive to see January's headl