MACRO: U.S. sheds 23,000 jobs in July vs. 80,000 gain forecast; odds of September Fed hike fall from 55% to 46%

July U.S. payrolls unexpectedly declined by 23,000 versus expectations for an 80,000 gain, shifting rates expectations and reducing the implied probability of a September Fed hike from 55% to 46%. Softer labor data typically eases financial conditions via lower front-end yields and a more dovish policy path, supporting risk assets in the near term while raising concerns about growth momentum.