US August jobs beat forecasts; Fed rate hike bets rise

The stronger-than-expected jobs report shifts the macro narrative toward tighter Fed policy, which directly pressures rate-sensitive assets and could strengthen the dollar. For crypto and RWA markets, this raises the cost of carry and may dampen speculative demand, while real-world asset yields become relatively more attractive. The mention of Norway's oil fund trimming Treasury holdings adds a cross-current, hinting at potential shifts in global liquidity. The open question is whether this labor-market resilience persists, as it would validate further tightening and keep risk assets under a hawkish overhang.