The Fed Minutes released yesterday show a consensus that the US economy will not enter into a recession. You would think this is good news but from the Feds perspective the battle over inflation persists and more rate hikes may be needed.

The labor market continues to outperform expectations. The Feds are looking for weaker job figures before calling it quits on the hikes.

Initial Jobless Claims fell 11,000 to 239,000. Continuing Claims rose 32,000 to 1.72M. Employers are holding onto the employees they already have.

First graph is Initial Jobless Claims, second graph is Continuing Claims.