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The unemployment rate has shifted decisively downward, falling from November's 4.50% peak to 4.30% in April—marking a clear trend reversal after 18 months of gradual labour market deterioration. This turnaround coincides with robust GDP growth (1.4% quarterly) and occurs despite persistent inflationary pressures, with CPI hitting fresh records. The 10-year Treasury yield climbing to 4.41% suggests markets are pricing in continued monetary tightness, yet labour demand appears to be stabilising. The Fed faces an intriguing policy dilemma: easing unemployment alongside record inflation typically signals conflicting economic forces at work.