(https://www.marketwatch.com/story/a-frozen-labor-market-might-be-thawing-out-u-s-job-openings-and-hiring-leap-to-2-year-high-ad21bf79?mod=mw_rss_topstories), and the bulls are reading this as deflationary tailwind for financials. But here's the trap: more job openings ≠ lower wage growth if incumbent workers have already locked in sticky compensation.

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