US ADP employment for October came in at 8.6, well above the 6.9 forecast. It's a touch below the prior reading of 9. 📊
The market expected a slowdown, and the print beat that call by about 1.7 points. Hiring is still holding up, but it isn't accelerating.
The Fed raised rates on 16/09, its first hike since 2023. A resilient labor market gives Fed Chair Kevin Warsh's team less reason to pause. Rate-cut hopes get pushed further out.
For markets, a firm jobs print tends to support the USD and Treasury yields. It also pressures gold and other assets that don't pay a yield.
For crypto, $BTC reacts to liquidity. Higher-for-longer rates are a headwind for risk appetite, though a number this close to the prior reading is no shock. My read is that ADP alone won't move the Fed. The official jobs report is the real test.
If the next jobs data confirms this strength, do you think the Fed holds the hike or goes again?
#ADP #Fed #Bitcoin
The market expected a slowdown, and the print beat that call by about 1.7 points. Hiring is still holding up, but it isn't accelerating.
The Fed raised rates on 16/09, its first hike since 2023. A resilient labor market gives Fed Chair Kevin Warsh's team less reason to pause. Rate-cut hopes get pushed further out.
For markets, a firm jobs print tends to support the USD and Treasury yields. It also pressures gold and other assets that don't pay a yield.
For crypto, $BTC reacts to liquidity. Higher-for-longer rates are a headwind for risk appetite, though a number this close to the prior reading is no shock. My read is that ADP alone won't move the Fed. The official jobs report is the real test.
If the next jobs data confirms this strength, do you think the Fed holds the hike or goes again?
#ADP #Fed #Bitcoin
