SEPTEMBER NONFARM PAYROLLS MISS BADLY:- Jobs added were +29K vs +84K expected- Unemployment rate increases to 4.2% vs 4.…
SEPTEMBER NONFARM PAYROLLS MISS BADLY:
- Jobs added were +29K vs +84K expected- Unemployment rate increases to 4.2% vs 4.1% expectedThe 10-year treasury yield just fell 0.77%, the $SPY is up 0.88%, and $Grayscale Bitcoin Mini Trust ETF(BTC.US) is almost at $87K on this news. Why are yields falling and risk on assets going up if we are seeing unemployment go up and missing on the expected jobs number? Well, that means the economy might not be as hot as the Fed thinks and we may not need to hike as aggressively as expected.Bad news, in the eyes of the macro, might be good news again…Source: amit
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