U.S. November ADP Employment Falls 32,000, Missing Forecast; Fed December Rate Cut Probability Declines to 88.8%

U.S. November ADP employment fell by 32,000, missing the forecast of 10,000 additions, ADP data released on December 4 show. Following the release, the probability of a 25-basis-point Fed rate cut in December declined slightly to 88.8%. Sources familiar with the matter indicated Trump advisors are discussing a personnel arrangement in which Kevin Hassett could be nominated as the next Fed Chair, while current Treasury Secretary Scott Bessent may simultaneously serve as White House National Economic Council Director. SEC Chair Paul Atkins stated the Crypto Market Structure Act is nearing passage, Polymarket officially returned to the U.S. market with the launch of its U.S. version app, and Franklin's Solana spot ETF began trading.