Pick what you wish out of a grab bag of US macro reports this morning. Shorter-term US Treasuries slightly cheapened in the aftermath probably on the ongoing signs of strength in the job market. Weekly initial jobless claims continue to run at very low levels despite layoff headlines (chart 1). At 186k last week they are at the lowest since last April and averaging just under 200k on a 4-week moving average basis. No states estimated their numbers this time (not even California) and so we can't really dent the quality of the low number on that basis now. {chart} So what’s going on? Either there are lagging effects ... (full story)