206,000 jobless claims. Lower than expected. Hooray right? But continuing claims just rose to 1.869 million. People aren't finding jobs. A softening labor market is exactly what forces the Fed's hand. Bad jobs data = rate cuts = risk assets go up. The question isn't if the Fed cuts. It's whether they're fast enough. Slow deterioration = soft landing = bull case. Sudden crack = panic cut = carnage first, recovery later. Which one are we headed for? 👀(Lark Davis)