First Mover Asia: Waves Founder Defends USDN Stablecoin Depegging, Trashes Fears of a UST-Like Implosion; Bitcoin Burrows in Above $20K

Central bankers and others trying to make sense of the confoundingly resilient employment market received some logic in management services firm ADP's August employment report that showed private-sector employers adding an unexpectedly low 132,000 jobs during the month. The total was 60% below the average of the previous three months and offered one of the few recent signs that labor markets may soon be slowing. Still, the reading is unlikely to sway the Federal Reserve from its commitment to boost interest rates aggressively to tame inflation, even at the expense of a continued economic contraction that is frightening asset markets.