US Q3 nonfarm unit labor costs fall 0.7% vs 0.4% expected

A surprise outright decline in unit labor costs cuts against the wage-driven inflation narrative that has kept policy expectations cautious, and the swing from the prior quarter's gain makes it more than a rounding miss. For rates-sensitive assets, including tokenized Treasuries and other yield-bearing RWA products, the read-through runs through the policy path rather than through crypto fundamentals directly. Whether this is a one-quarter distortion or the start of a softer cost trend is the open question, and the next data points on wages and prices will test it.