The US labor market might finally be cooling down!

A recent report by the Bureau of Labor Statistics revised new job projections downward by 306,000 positions.

In the wake of those signs of weakness, we must assume it will be more difficult for the Fed to warrant further rate hikes. Of course, the job markets are still displaying great numbers for the year, so time will tell if the recent fade is enough for the Fed to hold back.

China’s Economy Faces Strong Headwinds

China, the world's second-largest economy, is in trouble; last week, the Chinese yuan slid to its lowest level in 16 years, while the Hang Seng Index (HSI) has declined 20% from its January peak.

These woes can be attributed to several factors, including:

As one could expect, several major banks have downgraded China's growth forecasts to below 5% for this year, casting doubt on the country’s 5.5% target.

Bitcoin Volatility Is Back!

After months of static price action between $29K and $31.4K, BTC broke to the downside on Thursday and fell almost 10% on that day alone.

Usually, such strong moves demand equally strong narratives or news to support them, but in times where liquidity is thin and uncertainty high, that becomes less of a requirement.

And so, BTC dumped heavily in the wake of an announcement by SpaceX that they sold their ~$300M BTC holding.

Spectators should note that there’s a big difference between wanting to sell and having sold but oh well…. Here we are!

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