Jobless Claims Steady While Productivity Rises and Trade Deficit Shrinks; Fed Chair Hints at Possible Rate Cuts
• Jobless claims hit 217K, matching estimates; continuing claims crept over 1.9M level
• Productivity for Q4 revised up to +3.2%; unit labor costs down to +0.4%
• January trade deficit sank lower than expected to -$67.4B
• Testimony today from Fed Chair Jerome Powell indicates rate cuts still on radar
• Markets rose on Powell commentary, though cuts not expected before May FOMC