Surging Dollar Squeezes Global Markets
Treasury yields are holding yesterday’s gains and the dollar is steamrolling its way past an eight-month high this morning as global borrowing costs rise and threaten economies outside the US. This morning’s jobless claims data could deliver further evidence of a cooling in US labour markets. Initial claims have remained low in recent months, but the number of people on longer-term benefits is clearly creeping higher, aligning with a generalised rise in the unemployment rate. According to recent data releases, job openings are now below long-term trends, hiring rates are coming down, the vacancy-to-unemployed worker ratio is back to 2019...