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Back already? Risk assets pumped this morning following weaker-than-expected employment with Bitcoin up nearly 5%, a surge directly attributable to the increased probability of steeper and sooner interest rate cuts. Why is bad news good for your bags?
The United States Bureau of Labor Statistics released employment data for the month of April at 8:30 AM EST this morning (the moment this morning’s BTC rally was incited), showing that non-farm payrolls increased by 175k as the unemployment rate ticked up to 3.9%.
Non-farm payrolls came in below the consensus expectations for 243k jobs, the series’s worst month since October 2023, and the unemployment rate is now back at 2024 highs despite ticking down slightly after March’s massive employment beat.
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