What does it say about us as people when markets celebrate news that more people are out of work? According to the US Department of Labor, the number of people claiming unemployment benefit rose to its highest since August 2023. The results could provide further evidence that the US labor market is softening. It could even strengthen the case for the US Federal Reserve to start considering reducing interest rates sooner rather than later. Of course, it is not a given that rate cuts are imminent. But it could suggest that the Fed’s restrictive policies are having their desired effect. The fact that high interest rates was always going to work was never in doubt. The only question was how long it would take. The Fed’s intention was always to carefully calibrate its monetary tightening to avoid shocking the market. Nobody wants a “Liz Truss” moment that...