Shockingly weak jobs data sends rate-hike odds plunging to 22%; BTC consolidates around $85,000 as markets await FOMC guidance
September’s surprisingly weak nonfarm payrolls data has completely rewritten market expectations for the Federal Reserve’s policy path. But this macroeconomic tailwind has not flowed through to crypto asset prices as smoothly as expected. The U.S. added just 29,000 jobs in September, far below the market’s forecast of 84,000. The unemployment rate climbed to 4.2%, while annual wage growth slowed to 3.0%, its lowest level since May 2021. This batch of dovish data sent the probability of a rate hike in October plunging from its peak three weeks ago to around 22%, directly supporting record highs for the three major U.S. stock indexes—the S&P 500, Nasdaq 100, and Nasdaq Composite. The crypto market, however, has shown a clear divergence: Bitcoin (BT
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September’s surprisingly weak nonfarm payrolls data has completely rewritten market expectations for the Federal Reserve’s policy path. But this macroeconomic tailwind has not flowed through to crypto asset prices as smoothly as expected. The U.S. added just 29,000 jobs in September, far below the market’s forecast of 84,000. The unemployment rate climbed to 4.2%, while annual wage growth slowed to 3.0%, its lowest level since May 2021. This batch of dovish data sent the probability of a rate hike in October plunging from its peak three weeks ago to around 22%, directly supporting record highs for the three major U.S. stock indexes—the S&P 500, Nasdaq 100, and Nasdaq Composite. The crypto market, however, has shown a clear divergence: Bitcoin (BT
Follow me so you don’t miss the next quick market update.