Jobless claims rise to 242,000 from 230,000 last week

Unit labor costs up 6.3% in Q1, non-farm productivity down 2.7%

Trade balance at negative $64 billion, down from negative $70.6 billion

Higher labor cost pressures in Q1 may contribute to inflation.

Jay Powell believes wages not the main driver of inflation

Market bets on inflation falling faster than Fed anticipates.

Fed expects slow process of inflation reduction

Possibility of rate cuts if inflation data breaks the right way