Finance

The U.S. labor market unexpectedly shed 23,000 jobs in July, contrasting sharply with economic forecasts that predicted a net gain. Despite the decline in payrolls, the unemployment rate edged slightly downward to 4.1% as a significant number of workers exited the labor force altogether. Financial markets reacted to the weak data by reducing expectations for a potential Federal Reserve interest rate hike in September.

Government bond yields declined following the release of the softer-than-expected July jobs report. The benchmark 10-year Treasury yield retreated to approximately 4.64%, pulling back from its recent peaks. Concurrently, the two-year Treasury note yield, which remains highly sensitive to near-term monetary policy shifts, fell to roughly 4.20% as concerns over imminent monetary tightening cooled.

The cryptocurrency landscape is undergoing a significant shakeout reminiscent of the dot-com era, with over 100 projects shutting down or entering bankruptcy so far this year as capital becomes highly selective. Despite these headwinds, the industry saw legislative progress as the U.S. Senate advanced the Crypto Clarity Act prior to its August recess. Meanwhile, the global stablecoin market cap reached a peak of around $308 billion, underscoring its growing integration into real-world payments.