❗️US Macro: ADP Nonfarm Employment (June) — -34k (expected +90k /previously +29k).
Very weak employment data in the US — sharply worse than expectations: the private sector lost 33k jobs.
Although layoffs remain rare, the reluctance to hire new employees and replace those who leave has led to job reductions last month — ADP.
Now traders have started to expect a more "dovish" Fed monetary policy in light of the ADP report — and are actively pricing in a rate cut as early as July.$SOL