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Friday's jobs report is the last major data the Fed sees before the September FOMC — no more NFP prints between here and the decision, which compresses a lot into one number. After July's negative payrolls print, a soft read likely locks in a cut and pulls the easing story forward; a hot one revives a pause the market has stopped pricing. For BTC and risk it's a low-vol coil into a binary catalyst, and those resolve sharply. Watch the print, not the pre-positioning. #LastNFPBeforeFOMC