The nonfarm payroll data is disappointing, and the Fed's inaction turned out to be a godlike move.

CoinWorld News, analyst Eric Merlis said that the June nonfarm payrolls data clearly fell short of expectations, forming a stark contrast with the upside surprises earlier this year, but the labor market is still consistently creating jobs, with little sign of accelerating wage growth. As labor force participation weakens and hiring cools, the Fed's decision to hold steady last month no longer looks like a policy mistake, but rather a cautious and patient approach. The market is repricing, and with the inflation discussion ongoing, the likelihood of future interest rate hikes is declining.