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John Williams said the recent surge in Treasury yields reflects AI capex and stronger growth expectations rather than inflation fear, and that the policy rate sits at an appropriate level for both mandates after the last FOMC, while August ADP private payrolls rose only 38,000, the weakest in seven months. That combination pushes the front end away from an imminent cut while the growth signal deteriorates, a mix that caps DXY upside but leaves the long end vulnerable to the growth-versus-term-premium debate, and it removes the easy liquidity tailwind for BTC/ETH beta and high-multiple NASDAQ names. Watch the official nonfarm payrolls print for confirmation of ADP weakness; a sub-consensus payroll number would force a repricing of the 'rates are appropriate' stance and revive rate-cut trades, whereas a firm print would validate Williams and keep real yields elevated.
As a Macro signal, watch whether it changes price action, volatility, or flows around BTC, IXIC, ETH.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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