Bitcoin and stocks are at session lows late in U.S. afternoon trade on Friday. Soft U.S. July jobs numbers released Friday morning combined with shocking revisions lower to June and May prints to produce the weakest three-month period of employment growth since the Covid shutdowns of 2020. The data seems likely to put an end to the wait-and-see approach of Federal Reserve Chairman Jerome Powell and set the central bank on a path to restarting rate cuts at its next meeting in September. That’s sent the yield on the 10-year U.S. Treasury bond plunging 14 basis points to 4.22% and the price of gold pumping 1.5% to $3,400 per ounce and back within sight of its record high. Whither two other interest-rate sensitive assets: bitcoin and stocks? Not so much. With about 90 minutes to go in the U.S.
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