Jobless Claims Little Changed & U.S. House Tackles Canada Tariffs

Economic Data - Jobless claims data showed a revised increase from 231,000 to 232,000, with new claims at 227,000, down by 5,000 from the previous week [1][2][3] - Continuing claims rose to 1.8862 million, an increase of 21,000 from the revised number last week [2][3] Inflation and Federal Reserve - The unemployment rate stands at 4.3%, and upcoming CPI data is anticipated to provide further insights into inflation trends [3][4] - The Federal Reserve may shift focus from the labor market back to inflation, potentially delaying rate cuts [4] Tariff Developments - The House has sent a strong message regarding tariffs on Canada, with six Republicans voting against President Trump's stance [5][6] - The Senate's response remains uncertain, and any potential legislation may face a presidential veto due to insufficient support [6][7] - The Supreme Court is expected to address tariff-related issues on February 20, with speculation about the administration's response to a potential ruling against it [7][9]