The US May Have Shot Down a Small Hobby Balloon With a Sidewinder Missile

Jobless Claims Continue To Show No Signs Of Labor Market Stress Initial jobless claims continue to hover near multi-decade lows, refusing to show any signs of labor market stress. Last week saw 212k American file for jobless benefits for the first time (below the 216k expected). Unadjusted claims tumbled to the lowest since September... Source: Bloomberg Michigan and New York saw the largest drop in initial jobless claims last week while Rhode Island and Oklahoma saw the bigger rise in claims... The number of Americans filing for continuing jobless claims also dropped last week...

Watch Live: Warsh Blasts Fed's 'Fatal Policy Error' On Inflation, Pledges Strict Independence As Tillis Confirms Hold On Fed Chair Nomination Latest:  Warsh labeled the Fed’s 2021-2022 response a “fatal policy error” on inflation. He demands a new policy framework, tools, and major communications reform. Warsh rejects forward guidance and refuses to preview future rate moves. Price stability exists when no one talks about inflation, Warsh testified. Warsh disputes that tariffs caused the recent inflation overshoot. Inflation data used by the Fed is “quite imperfect,” per Warsh. He focuses most on the underlying inflation rate. Trump never asked...

The White House is expected to ask Congress for an extra $50 billion in military spending to replenish stockpiles of weapons used in the Iran war and other recent Middle East conflicts, Reuters has reported. Sources told Reuters that Deputy Secretary of War Steve Feinberg has been leading the Pentagon effort to draft a supplemental […]