The US labor market gave the Fed another argument to not rush to raise the rate.
In September, the United States created only 29 thousand jobs versus approximately 90 thousand expected. Unemployment rose to 4.2%, and hourly wages added only 0.1% over the month and 3% over the year.
And there’s an even more interesting detail: the August NFP was revised down from 162 thousand to 133 thousand, and the July figure—from +21 thousand to -10 thousand. Together, the previous two months lost 60 thousand jobs in the revisions.
The market reacted quickly: expectations of an October Fed rate hike fell below 20%, and Bitcoin rose to the $86–87k area.
But I wouldn’t call this simply “weak data = $BTC вгору.”
A weak labor market can be good for risk assets if it reduces pressure on the Fed. But if the weakness becomes too deep, the market will start pricing not the rate, but the recession.
I generally love macro like this for this uncomfortable math: the same number can be bullish for Bitcoin and bearish for the economy.
If you want to dig into these exact intersections of macro and crypto, follow @MoonMan567
In September, the United States created only 29 thousand jobs versus approximately 90 thousand expected. Unemployment rose to 4.2%, and hourly wages added only 0.1% over the month and 3% over the year.
And there’s an even more interesting detail: the August NFP was revised down from 162 thousand to 133 thousand, and the July figure—from +21 thousand to -10 thousand. Together, the previous two months lost 60 thousand jobs in the revisions.
The market reacted quickly: expectations of an October Fed rate hike fell below 20%, and Bitcoin rose to the $86–87k area.
But I wouldn’t call this simply “weak data = $BTC вгору.”
A weak labor market can be good for risk assets if it reduces pressure on the Fed. But if the weakness becomes too deep, the market will start pricing not the rate, but the recession.
I generally love macro like this for this uncomfortable math: the same number can be bullish for Bitcoin and bearish for the economy.
If you want to dig into these exact intersections of macro and crypto, follow @MoonMan567
