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Bitcoin surged past $113,000 following a surprisingly weak U.S. jobs report that showed only 22,000 payroll gains in August. The soft data prompted traders to price in near-certain Federal Reserve rate cuts in September. Cryptocurrencies rallied as markets anticipated easier monetary policy conditions ahead.
- Markets now price 12% probability of 50bps Fed cut in September versus 0% previously
- Unit labor costs fell to 1.0% while productivity rose to 3.3%, supporting disinflation trends
- Services sector showed persistent inflation pressure with ISM prices-paid index at elevated 69.2
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