U.S. unexpectedly shed 23,000 jobs in July, putting Fed rate hikes in question
The chances of a Federal Reserve rate hike at its next meeting in September have slipped below 50% in the aftermath of the report.
Source: CoinDesk
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DW NOTE
The U.S. lost 23,000 jobs in July while crude sits at $77 — 30% below its one-year high — and the Strait of Hormuz remains closed to commercial shipping. When payrolls contract during a supply shock, you're not looking at a soft patch; you're looking at demand destruction the Fed's 3.75% policy rate has already delivered.