The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Rates On The Rise

Yesterday’s initial jobless claims data release came in below expectations, signaling a stronger labor market which is another “good news is bad news” signpost.

We can see some of these developments play out via the Eurodollar Futures curve where the market’s expected federal funds rate is steepening (more rate hikes), now expected to be over 4% in the second half of 2023. That’s in line with the Federal Reserve’s own projections that they’ve told the market:

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