U.S. Marks Down Payroll Gains by 911K in Largest Benchmark Revision Ever

Group 1 - The U.S. preliminary benchmark payrolls revision indicates a downward adjustment of 911,000 jobs for the one-year period ending March 2025, marking the largest revision on record, suggesting a weaker labor market than previously reported [1] - The Federal Reserve is expected to cut rates for the first time this year, with the possibility of a 50 basis point cut being considered instead of the previously forecasted 25 basis points due to the new labor market data [2] Group 2 - Rate-sensitive assets such as crypto, gold, and long-dated bonds experienced volatility, with gold futures initially surging past $3,700 before giving back gains and closing flat at $3,679 [3] - Bitcoin (BTC) saw a decline from $113,000 to $111,600, reflecting a 1% drop over the past 24 hours, while U.S. 10-year Treasury yields rose to 4.07%, threatening to dip below 4% for the first time since February [4]