JOLTS in the red: crypto liquidity in focus
Job Openings plunge to 7.18 million in July, the lowest level in 10 months and below expectations of 7.38 million. For the first time since the pandemic, there are more people seeking jobs than available vacancies.
This shakes up the macro board:
Labor market weakens.
Expectations for Fed rate cuts strengthen.
Liquidity could migrate to crypto as an alternative asset.
Be aware: this imbalance in labor supply and demand could trigger a new risk-on digital narrative.