A day after Jerome Powell warned markets that more restrictions were necessary to cool inflation, traders were surprised after initial jobless claims (act. 239k est. 265k) and continuing claims (act. 1742k est. 1765k) came in lower than expected. On top of the low claims, Q1 GDP posted stronger than expected growth of 2 percent. Yields shot higher and treasuries sold off as the “higher for longer” rhetoric finally takes hold for traders. The US2Y (USGG2YR 4.861%) is at its highest point since M…
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