The latest data from the US labor market has stirred up quite a buzz.
Macro surprise: The number of non-farm payroll (NFP) jobs in May hit a whopping 172k โ that's more than double the forecasted 85k! Unemployment remains steady at 4.3%.
The impact on the Fed: The labor market under the new Fed chair (Wash) proves to be incredibly resilient. The result? Markets have completely ruled out any rate cuts, and the likelihood of a rate hike in 2027 has surged above 50% according to CME data.
Bitcoin Reaction: A sharp sentiment shift has hit the cryptos hard. #Bitcoin has dipped below 60k USD for the first time since early 2024.
Looks like "higher rates for longer" is a scenario that investors have to come to terms with, harshly.
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