Last week's jobless claims just dropped a bombshell—191,000 initial filings. That's the lowest we've seen since 2022, and it crushed analyst expectations by a mile.

What does this mean? The labor market isn't cracking like some doomsayers predicted. Strong employment numbers typically signal the economy's still running hot, which takes pressure off the Federal Reserve to aggressively slash interest rates. With the Fed meeting coming up next week, this data basically gives them permission to stay patient rather than panic-cut.

For anyone watching rate-sensitive assets (and let's be real, that includes crypto these days), this shifts the narrative. Fewer rate cuts usually mean tighter liquidity conditions stick around longer. The "Fed pivot" crowd just got a reality check.