Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
It's a big week for U.S. economic data and the first report showed weakness alongside an uptick in inflation pressureThe broad market gauge CoinDesk 20 Index was down only 1% as a handful of constituents were posting modest session gains, led by lumens {{XLMX}} and litcoin
The selling in crypto took place alongside a sizable slide in stocks, led by a 2.4% decline in the Nasdaq and a 1.5% fall for the S&P 500.This morning's ISM Manufacturing PMI report for August showed continued contraction, coming in at 47.2 versus 47.5 expected and July's 46.8. The guts of the report, however, had afeel, with New Orders dipping to 44.6 from July's 47.4 while Prices Paid rose to 54.0 from 52.9.
Following the soft numbers, traders have upped the odds of a 50 basis point Federal Reserve rate cut in September to 39% from 30% one day ago,The main event for U.S. macro news – and possibly the final arbiter on whether the Fed goes 25 or 50 – remains Friday's August employment report, and economists are forecasting job gains rebounding to 160,000 from July's soft 114,000 print. The unemployment rate is anticipated to have dipped to 4.2% from 4.3%.
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