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.

https://www.zerohedge.com/markets/powells-plan-not-working-initial-jobless-claims-plunge-5-month-lows