Global Macro Update: Bitcoin, Government Lies On Labor Stats, Lower Rates

In this episode, Nik brings us a global macro update to recap a most dramatic downward revision in labor statistics. He begins with the two most noteworthy items in economics: the downward revision of jobs added by almost one million, the rampant manipulation of labor statistics by the government, and the latest FOMC minutes which stated that the Fed was close to cutting rates in July. Nik breaks down the signals from the yield curve and discusses bitcoin's consolidation.

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Nik Bhatia's Twitter: https://twitter.com/timevalueofbtc
Research Associate Joe Consorti's Twitter: https://twitter.com/JoeConsorti
Creative Director Matthew Ball's Twitter: https://twitter.com/matthewrball

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The Bitcoin Layer and its guests do not provide investment advice.

Chapters:
00:00:00 - Massive Manipulation of Labor Data
00:03:42 - Unemployment data and the Bitcoin layer
00:07:10 - FED Minutes and Rate Cut Speculation
00:10:48 - The FED's Response to Job Revision
00:14:24 - Signal from the Treasury Market
00:18:08 - Risk Assets vs. Investable Treasuries
00:21:43 - Steepening of the Spot Market Curve
00:25:06 - The Signal in the Curve
00:28:44 - Impact of Funding Rates on the Bitcoin Market

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The Bitcoin Layer and its guests do not provide investment advice.