Nonfarm payrolls contracted by 23,000 in July, well below the roughly 80,000 jobs expected, with prior months revised down by a combined 103,000 jobs. The odds of a September Fed rate hike dropped from 57% to about 43.9%, while markets now price in nearly 60% probability of holding rates steady in the 3.5% to 3.75% range. The unemployment rate edged down from 4.2% to 4.1% and wage growth remained flat at around 3.2% year-over-year. Fed Chair Kevin Warsh, an inflation hawk, faces a divided committee, but expectations for a more accommodative monetary policy are supportive for risk assets like bitcoin.
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