Syz the moment

That's -229k below consensus -682k and exceeds last year's -818k revision. Two years, 1.7 million phantom jobs erased. The labor market has been far weaker than anyone realized. Source: Matt Cooper @HedgeyeFins

Wall Street is opening the door to individuals via platforms like Robinhood & SoFi. Bullish’s $1.1B IPO: 20% went to retail, stock jumped +143% on debut. Upcoming deals (Gemini Space Station, Figure, Via) are also reserving retail allocations. With retail now 20%+ of US equity trading, IPOs are no longer just for institutions. Source : Bloomberg

Standard Chartered now predicts the Fed will cut TWICE at September FOMC. Source: zerohedge

The preliminary revision will cover the 12-month period through March 2025 before the final benchmark revision is reported within the employment report of February 2026. The chart below puts the revisions in perspective: ➡️ 2024 just delivered the biggest downward benchmark revision since 2008 nearly -800k jobs erased. ➡️ That’s exactly why the BLS revision matters: if 2025 takes another -550k to -950k hit, it won’t just mark back-to-back historic revisions. ➡️ It will prove the labor market was overstated for years, not months. Source: StockMarket.News, zerohedge

Source: Michel A.Arouet

But he warned his agency would be forced to issue massive refunds if the high court rules against it. If the tariffs are struck down, he said, “we would have to give a refund on about half the tariffs, which would be terrible for the Treasury,” according to an interview on NBC’s “Meet the Press.” He added, however, that “if the court says it, we’d have to do it.” Source: CNBC

While the real gold price (after adjusted for U.S., CPI) is at the record highs, as this Alpine Macro chart shows. Source: Chen Zhao

While overall exports growth slowed to its weakest level in six months, and President Donald Trump’s policy targeting trans-shipments weighed on exports and businesses, frontloading activity lost momentum. 👉Imports from the U.S. also dropped 16% from a year ago, customs data showed. 👉China’s total exports climbed 4.4% in August in U.S. dollar terms from a year earlier, customs data showed Monday, marking their lowest growth since February while missing Reuters-polled economists’ estimates for a 5.0% rise. That growth slowed from the prior two months, in part reflecting the statistical effect of a high base last year when China’s exports grew at their fastest pace in nearly one-and-a-half years. 👉Imports rose 1.3% last month from a year ago, missing Reuters estimates for a 3% growth. Imports rose for a third straight month after returning to growth in June, albeit still muted due to the persistent real estate slump, rising job insecurity, among other things. ➡️ China has increasingly relied on alternative markets, particularly Southeast Asia and European Union nations, Africa and Latin America, as U.S. President Donald Trump’s trade policy has pressured U.S.-bound shipments. Nonetheless, no one country has come close to the U.S. which remains China’s largest trading partner on a single-country basis, absorbing $283 billion of Chinese goods this year as of August. Exports to the EU stood at $541 billion over the same period. Beijing and Washington on Aug. 11 agreed to extend their tariff truce by another 90 days, locking in place U.S. tariffs of around 55% on Chinese imports and 30% Chinese duties on U.S. goods, according to Peterson Institute for International Economist. But bilateral talks appear to be struggling to reach a breakthrough, with a late-August visit to Washington by top Chinese trade negotiator Li Chenggang yielding little progress. Source: CNBC