Soft U.S. July jobs numbers released Friday morning combined with shocking revisions lower to June and May prints to produce the weakest three-month period of employment growth since the Covid shutdowns of 2020.
The data seems likely to put an end to the wait-and-see approach of Federal Reserve Chairman Jerome Powell and set the central bank on a path to restarting rate cuts at its next meeting in September.
That’s sent the yield on the 10-year U.S. Treasury bond plunging 14 basis points to 4.22% and the price of gold pumping 1.5% to $3,400 per ounce and back within sight of its record high.
Whither two other interest-rate sensitive assets: bitcoin and stocks? Not so much. With about 90 minutes to go in the U.S. trading session, both are at session lows, with the Nasdaq plunging 2.5% and bitcoin down more than 3% to $113,800.
And bitcoin’s an outperformer. Ether (ETH), solana
BNB (BNB), and dogecoin are all down about 6%. Notably…
