U.S. Added 303K Jobs in March, Outpacing Expectations for 200K
The ETF-led bitcoin rally has stalled over the past month, at least in part thanks to economic indicators pointing to higher than expected interest rates.
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The ETF-led bitcoin rally has stalled over the past month, at least in part thanks to economic indicators pointing to higher than expected interest rates.
So far in 2024, bitcoin’s concerns about the path of the economy or interest rates have taken a back seat to the overwhelming demand from the spot ETFs.
The latest update on the labor market came less than two days after the Fed’s Jerome Powell poured cold water on market hopes of a rate cut in March.
The closely watched report
Anticipating a slowdown in the economy and easier Fed monetary policy, investors have sharply bid down interest rates in the weeks leading up to this morning’s numbers.
A recent dovish shift in the outlook for monetary policy has played a sizable role in big gains for both crypto and traditional markets.
Interest rates have fallen sharply this week across the U.S. yield curve, in part as traders place bets the Fed is finished tightening monetary policy.
The unemployment rate TKTK
With spot bitcoin ETF aspirations sidelined after the SEC yesterday pushed off decisions on a raft of new applications, crypto bulls are hoping an employment slowdown and lower interest rates could provide a positive catalyst.
The unemployment rate TKTK to 3.X% versus estimates for 3.6%.