Revision Fatigue

August 4, 2025 — Markets are showing signs of revision fatigue — and for good reason. The July payroll report not only missed expectations but also revealed a troubling pattern of downward revisions across 2025. With labor data increasingly at odds with the Fed’s patient stance, investors are left to question whether policy is already behind the curve. The implications for rates, risk assets, and recession probabilities are growing harder to ignore.

  • DATE: August 4, 2025
  • TYPE: PDF
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