Initial jobless claims fell 11k (on an adjusted basis) to 264k last week – hovering near its lowest level since 1973 as firms hoard labor leaving The Fed stuck between an “everything looks awesome” rock and a “well we have to admit all these indicators are bullshit” hard place…

Seasonally adjusted…

And non-seasonally adjusted… officially the lowest level since 1973…

Seems like the ZIRP Emergency Is Over!!

Charts: Bloomberg