Quick Take In the past two days, a lot of macro data has come out for the U.S., which shows significant signs of a slowing economy in the U.S. Yesterday, the US manufacturing slump deepened as the manufacturing ISM index fell further into contraction, which fell below expectations and fell to its lowest level since May 2020. Today, JOLTS data printed 9.93 million vs. the 10.5 million expected. This was the smallest print since April 2021. Labor demand is falling; companies are posting fewer jobs and fewer plans for hiring people. The next shoe to drop should be unemployment which comes out on Friday. As a result, the DXY index dropped to 101.6, and US yields dropped. While gold breaks out to $2,020 Bitcoin remains above $28,000 Assets: (Source: Trading View) ISM:(Source: Bloomberg)

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