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Markets finished the week with a major shift: US labour weakness just loosened financial conditions. July payrolls unexpectedly fell 23,000 versus +80,000 expected, while May and June were revised down by another 103,000. The Fed’s September hike probability dropped to about 44%. That pushed the US 10Y yield down to 4.649%, the 2Y to 4.245%, and DXY to 99.50. For #Bitcoin and wider #Crypto, lower yields + a weaker dollar is the liquidity combination we wanted to see. Equities confirmed the risk-on move: S&P 500 +0.62% to a record close, Nasdaq +1.30%, Dow +0.28%. Corporate earnings remain a major support—85.1% of reporting S&P 500 companies have beaten estimates. But there is one problem.#PayrollsDropCPIFocus #AIMemoryStressTest #SpaceXUnlockRebound