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Overhyped US Jobless Claims Update Produces No Fireworks
There was high drama around Thursday's jobless claims update in the US.
The justification for a lot of overwrought financial media hype (Andrew Ross Sorkin mused about a "jobless claims nail-biter" producing a "white-knuckle session" on Wall Street) went as follows. A US recession scare and suddenly higher hard landing odds were just as much to blame for recent market tumult as any carry trade unwind and besides, softer US labor market data perpetuated that unwind by stoking additional yen appr
The article had a graphic that was simply photograph. Compared to the amazingly dramatic artwork you’ve been doing., I will be very happy with this good boring. Hopefully the rest of August will see your artworks being boring photographs, and balloons. I doubt it. I think you have too much fun with your graphics.
Yes! I think Mr H might just be the best AI whisperer (artist?) on the net. I wanted to start a conspiracy theory about the graffiti (the letters ROPF on a building) in the amazing graphic for the “Japan Apologizes” article. Just for fun, of course. Maybe too off topic for a cerebral site. Or maybe H can add in some ‘Easter eggs’ in his pics, like the movie buffs enjoy.
The talking heads did not have much this week, so the importance of this release was higher than usual. Next week has more.
It is interesting that the Fed’s use of the term “data dependent” has significantly increased volatility in the equity and fixed income markets. Now the market moves on a simple weekly data release.
The poor junior journalists who have to explain the recent price “fluctuations” through the traditional lenses. So today it’s “Dow up 500 points as jobless-claims data soothe recession fears”.
The actual headline should have read “Dow up 500 points as volatility measures decline”.
I can sympathize with them. Less so market pros who do not understand the influence of vol-driven algos on shorter-term price action. Or, perhaps, they don’t want to acknowledge that their skills and experience are becoming less & less valuable.
H-Man, next week portends to bring answers as we respond as well conditioned Pavlovain dogs.