According to @KobeissiLetter, wage growth for the bottom 25% of US earners has slowed to 3.5% on a 12-month moving average, the weakest pace in at least seven years. According to @KobeissiLetter, this is a sharp decline from the 7.0% pace in 2022, when lower-income workers led wage gains. According to @KobeissiLetter, traders can treat this cooler low-end wage trend as a macro signal when reassessing exposures sensitive to US rate expectations, Treasury yields, USD strength, and high-beta crypto such as BTC and ETH.