Job openings in April surged to 7.6 million, the highest in nearly two years
Macro
April JOLTS surged to 7.6 million job openings — the highest in nearly two years — beating expectations by a wide margin and signaling a still-tight labor market. This re-heats the 'higher for longer' Fed narrative, pressuring rate-sensitive assets and lifting the dollar while steepening the case against near-term cuts.
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↓ SHORT-4% target+3% stop2-4 weeks / into June FOMCJun 18 '25
Short TLT and rate-sensitive proxies (XLU, XLRE) as a hotter-than-expected JOLTS print pushes Fed cut expectations further out and pressures long-duration assets.