Initial jobless claims fall, but continuing claims hit post-pandemic high 

Fed Chair Powell assured markets that the labor market is in “good place,” dependent on price stability

article-image

J.J. Gouin/Shutterstock and Adobe modified by Blockworks

share

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


Fewer people than expected filed for unemployment benefits last week, data released this morning shows. 

Initial jobless claims fell by 9,000, coming in at 215,000 for the week ended April 12 — a sign that neither federal layoffs nor tariffs are weighing on the labor market. At least for now. 

Continuing claims, however, are on the rise, signaling that while companies may not be engaging in significant layoffs, they also aren’t ramping up hiring. There are now 1.89 million people receiving unemployment benefits, a level not seen since November 2021. 

The report comes a day after Chair Powell assured markets that the labor market is in “a really good place.” He added, however, that maintaining this health is dependent on price stability. 

Tariffs, of course, pose a threat. But Powell (and most of the Fed governors) have consistently said they’ll just have to wait and see how things shake out. In other words, they’re not cutting rates on the expectation of persistently higher inflation. 

The market took him seriously; odds of a May 25bps cut dropped from 15% to 10% yesterday, per data from CME Group. 

President Trump this morning again criticized Powell, writing on Truth Social that the Fed head’s “termination cannot come soon enough.” Trump has said in the past he’d like to fire Powell, an action experts say is legally questionable. 

It’s unclear if he was signaling that he’d like to do so, or if he’s simply anticipating the end of Powell’s term in May 2026.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (8).png

Research

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

article-image

BTC finished the week up 1.6%, while L2s, RWAs and the treasury trade continued to grind lower

article-image

DTCC moves DTC-custodied Treasuries onchain via Canton, while Lighter’s LIT launches trading at a fees multiple in Hyperliquid territory

article-image

In the 90s, rapt audiences worldwide watched a coffee pot — will that fascination ever turn to crypto?

article-image

Some systems improve by failing — and crypto has no choice

article-image

Yield Basis introduces an IL-free AMM design that already dominates BTC DEX liquidity

article-image

Maybe tokenholders don’t need the rights that corporate shareholders have come to expect

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Blockworks Research

Unlock crypto's most powerful research platform.

Our research packs a punch and gives you actionable takeaways for each topic.

SubscribeGet in touch

Blockworks Inc.

133 W 19th St., New York, NY 10011

Blockworks Network

NewsPodcastsNewslettersEventsRoundtablesAnalytics