US unemployment came in at 4.3%

Expectations: 4.4%

Slightly better than expected.

It’s not a massive beat but in this macro environment, even small surprises matter.

A lower unemployment rate signals labor market resilience, which can influence Fed expectations, rate cut timelines, and overall risk appetite.

Strong jobs data = less urgency to cut.

Weaker jobs data = more room for easing.

Markets will now price in what this means for liquidity next.

Watch yields. Watch the dollar. Watch crypto. 👀