US nonfarm payrolls fell by 23,000 in July against expectations for an 80,000 gain, reshuffling Fed rate expectations. against expectations for an 80,000 gain, reshuffling Fed rate expectations. Below, our analysis covers key asset shifts, rate expectations, and critical risk events to watch in the coming week. Far from being quiet, the past week has delivered some significant events:US nonfarm payrolls fell by 23,000 in July versus expectations for an 80,000 gain, a significant miss that reshuffled Fed rate expectations. A core print above 2.6% reignites hawkish Fed expectations, triggering a corrective retracement back toward $4,200–$4,100 as real yields rebound.