Live updates: Bitcoin trading near $87,000 after big miss on U.S. jobs — SkimNews
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- U.S. employers added just 29,000 jobs in September, far below the 90,000 consensus forecast and down from August's revised gain of 133,000.
- Unemployment rose to 4.2%, above the expected 4.1% and matching August's rate.
- Bitcoin climbed to just under $87,000 in the minutes after the release, continuing earlier session gains.
- Treasury yields dropped sharply, with the 10-year yield falling 7 basis points to 5.17%, while gold gained over 1% and the U.S. dollar weakened against major currencies.
- Nasdaq futures rose 1.2% following the data release.
- Fed rate-hike odds for the October 28 meeting collapsed to 23% in the 48 hours before the report, down from nearly fully priced in earlier in the week.
Why it matters: The 29,000-job print is roughly one-third of the 90,000 consensus, a miss large enough to shift the Fed's calculus: markets had nearly fully priced a second rate hike at the October 28 meeting, but those odds plunged to 23% before the data even arrived. That repricing directly supports bitcoin's rally and the bond market's late-week recovery, giving the Fed cover to hold rates steady even as inflation remains elevated.
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