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. The Bitcoin Layer is a bitcoin and global macroeconomic research firm. The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowers you to take full control of your Bitcoin with a collaborative multisig vault, where you hold two of three keys, and benefit from a Bitcoin security partner. Purchase Bitcoin directly into your cold storage vault and eliminate exchange risks with Unchained's Trading Desk. Unchained also offers the best IRA product in the industry, allowing you to easily roll over old 401(k)s or IRAs into Bitcoin while keeping control of your keys. Don’t pay more taxes than you have to. Talk to us today. Visit https://thebitcoinlayer.com/unchained and use code TBL for $100 off when you create an account. Efani delivers premium mobile service with unparalleled protection against SIM swaps and privacy invasions. Use code TBL at checkout for $99 off the Efani SAFE Plan. https://www.efani.com/tbl?utm_source=substack&utm_medium=email Try Stamp Seed, a DIY kit that enables you to hammer your seed words into a durable plate of titanium using professional stamping tools. Take 15% off with code TBL. Get your Stamp Seed today! https://www.stampseed.com/shop/titanium-seed-phrase-storage-kits.html?utm_source=substack&utm_medium=email Subscribe and turn on notifications for TBL on YouTube. Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribe Follow TBL on X: https://twitter.com/TheBitcoinLayer Subscribe to The Bitcoin Layer on your favorite podcast platform. Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merch Block Height 857847 Contribute to The Bitcoin Layer via Lightning Network: [email protected] 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 #TheBitcoinLayer #NikBhatia #JoeConsorti #LaborStatistics #YieldCurve #FOMC #FederalReserve #InterestRates #MarketAnalysis #BitcoinConsolidation #EconomicUpdate #FinancialNews #MonetaryPolicy #JobMarket #EconomicTrends #RateCuts #FinancialMarkets #InvestmentStrategy #EconomicAnalysis #MarketSignals #Macroeconomics #WealthManagement #BitcoinTrends #LaborMarket #EconomicInsights #FiscalPolicy #Bloomberg #Analysis #Charts #Tradingview #InvestmentStrategy #MarketWatch #StockMarket #PassiveInvesting #IndexFunds #FinancialMarkets #MarketWatch #FreeMarket #FreeMarkets #Markets #USTreasury #TreasuryBills #BalanceSheet #FED #Debt #Inflation #Statistic #Rates #Interest #Asset #Bitcoin #Dollar #Sats #BTC #Market #Currency #Crypto #Analysis #Investment #News #Finance #Education #Blockchain #Mining #BitcoinMining #macro 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 Subscribe to The Bitcoin Layer on Soundwise