Rio Times Global Economy Briefing
The Big Three
Jobs blew past forecasts. US payrolls rose 172K in May against an 85K consensus, with unemployment steady at 4.3% — resilience that buried any remaining hope of a rate cut.
The AI trade broke. The Nasdaq plunged 4.2%, its worst day since April 2025, as chips cratered — Micron down 13%, Marvell 16%, AMD 11% — wiping roughly $1 trillion from markets.
The 30-year topped 5% again. The 10-year yield rose above 4.5% as money markets moved to price a 98% chance of a Fed hike this year.
