Get used to it. The Fed wants people out of work in order to create demand destruction so inflation will reduce. Jobless claims came in hot at 229k, 5 mo highs, and we’re not done going higher on third numbers.
During all previous economic declines, it was commonplace to see 1m per mo for a string of months until the Fed bailed us out.
Do not expect the Fed to rescue you anytime soon. No on is here to help you.
Futures has been up 80 and now down 55. We can still rally today, since dumber things have happened. But for now, things look grim.
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