Just a week after The Fed slashed rates by a crisis-like 50bps, initial jobless claims tumbled back towards multi-decade lows (217k)...

Source: Bloomberg

Texas and New York saw the biggest drops in initial claims...

Continuing claims ticked up modestly to 1.834mm Americans...

Source: Bloomberg

If claims have any value in reality, then it seems unemployment rates are set to drop further...

Source: Bloomberg

Does that look like an economic background that prompts The Fed to almost unanimously decide to cut rates by 50bps?