Five Things You Need to Know to Start Your Day

It’s jobs day, delta upends back-to-office plans on Wall Street, and crypto battle delays infrastructure bill.

Economists surveyed by Bloomberg predict U.S. nonfarm payrolls for July will show hiring accelerated for a third month when the report comes out at 8:30 a.m. Eastern Time. The median estimate is for a gain of 858,000 workers, the most since August 2020, while the unemployment rate probably dipped to 5.7% from 5.9%. Treasuries traders are dialing up bets on a quicker pace of Federal Reserve interest-rate hikes in anticipation that today’s report will show firm labor momentum. A reduction in bond purchases could be announced by September but “that depends on what the next two jobs reports do,” Fed Governor Christopher Waller said this week.