PANews reported that the July FOMC meeting maintained rates while a weak non-farm payroll report spurred a surge in rate cut expectations, affecting 10-year yields, gold, and Bitcoin.
PANews reported that the July FOMC meeting held rates at 5.25%-5.50%, raising concerns of prolonged high interest rates as the 10-year US Treasury yield climbed to 4.24%, the US dollar index exceeded 100, and Bitcoin corrected near $116,000. A subsequent non-farm payroll report revealed only 73,000 new jobs with significant downward revisions, prompting the CME FedWatch rate cut probability to jump from 38% to 82% and boosting expectations of two cuts this year. These developments led to a fall in yields, a brief Bitcoin rebound followed by a dip to around $112,000, and a modest gold rebound, while structural data indicated slowing growth rather than a recession.