The hotter-than-expected numbers impacted buyer demand for riskier assets. However, the devil was in the details. While firms increased payrolls, input price inflation softened, and selling price inflation signaled a return of prices to the 2% Fed target.
The hotter-than-expected numbers impacted buyer demand for riskier assets. However, the devil was in the details. While firms increased payrolls, input price inflation softened, and selling price inflation signaled a return of prices to the 2% Fed target.
BTC retook the $64,000 level. Nevertheless, the upswing in hiring could support wage growth and consumer spending. Rising consumer spending trends could fuel demand-driven inflation, potentially keeping interest rates higher for longer.
The effect of the Services PMI on Fed rate cut expectations was relatively modest. According to the CME FedWatch Tool, the probability of the Fed holding interest rates steady in September fell from 35.0% to 34.1% on Friday.
Next week, the crucial Personal Income and Outlays Report will impact sentiment toward the Fed rate path more. Softer US inflation numbers and a pullback in personal income/spending could cement a September Fed rate cut and induce a BTC breakout.
Lingering uncertainty about the Fed rate path affected buyer demand for US BTC-spot ETFs, adding pressure to buyer appetite for BTC.
Will US BTC-Spot ETFs See an End to the Outflow Streak?
On Friday, the US BTC-spot ETF market faced the prospects of a six-day outflow streak.
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