Why the jobs report weakens case for Fed rate hike
View original at finance.yahoo.comWhy the jobs report weakens case for Fed rate hike Scott Melker discusses September's jobs report, which saw non-farm payroll gains and Fiserv's (FISV) launch of Roughrider stablecoin, and a bank-to-bank settlement in North Dakota on Solana (SOL-USD)…
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Bad jobs numbers are bullish for assets because they mean the Fed cannot hike and is likely to cut.
60% confidenceStablecoins offer banks near-free, instant settlement superior to Swift and ACH, and this will spread to all banks.
60% confidenceGovernment data is revised after markets react, so markets should not react to it initially.
60% confidenceStablecoin settlement on Solana could raise the price of Solana if the network grows and burns SOL as gas fees.
60% confidenceThe SEC custody proposal is a very big deal because it creates a compliant route for RIAs and regulated funds to hold crypto directly.
60% confidenceSelf-custody by RIAs would open the long tail of crypto assets beyond ETFs and let advisors earn fees on them.
60% confidenceBitcoin had its best quarter in years while the bond market had its worst, with 10-year yields well over 5%.
60% confidenceRegulators are delivering about 90% of what the Clarity Act promised, and crypto will become too big to fail.
60% confidencePCE came in soft right after the Fed hiked, and the PCE calculation was quietly changed, worth at least a 0.2% downward revision per economists.
60% confidenceTrump can do whatever he wants in crypto with no guard rails because the Clarity Act did not pass.
60% confidenceThe US economy added just 29,000 jobs in September versus 89,000 expected; unemployment 4.2% vs 4.1% expected.
60% confidence