{"id":71419,"date":"2026-09-04T09:38:19","date_gmt":"2026-09-04T13:38:19","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-pulse-hassett-backs-rate-hold-amid-blockbuster-jobs-data-robinhood-chain-faces-outage\/71419\/"},"modified":"2026-09-04T09:38:19","modified_gmt":"2026-09-04T13:38:19","slug":"market-pulse-hassett-backs-rate-hold-amid-blockbuster-jobs-data-robinhood-chain-faces-outage","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-pulse-hassett-backs-rate-hold-amid-blockbuster-jobs-data-robinhood-chain-faces-outage\/71419\/","title":{"rendered":"Market Pulse: Hassett Backs Rate Hold Amid &#8216;Blockbuster&#8217; Jobs Data; Robinhood Chain Faces Outage"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Kevin Hassett<\/strong> argues the case for the <strong>Federal Reserve<\/strong> to keep interest rates unchanged is &quot;very strong&quot; following a <strong>&quot;blockbuster&quot; jobs report<\/strong> that showed the U.S. economy adding <strong>172,000 jobs<\/strong> in May.<\/li>\n<li><strong>Robinhood Chain<\/strong>, the AI-native Layer 2 network from Robinhood Markets (<a href=\"\/stock\/HOOD\">HOOD<\/a>), suffered a brief outage on Friday, halting block production for over <strong>14 minutes<\/strong> before gradually recovering.<\/li>\n<li><strong>Rick Santelli<\/strong>, the veteran CNBC editor known for his 2009 &quot;Tea Party&quot; rant, has announced his retirement from the network effective <strong>October 2nd<\/strong>.<\/li>\n<li><strong>Spot <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a><\/strong> prices experienced a sharp decline, dropping more than <strong>3%<\/strong> to hit <strong>$64.78 per ounce<\/strong> as industrial demand concerns and a stronger dollar weighed on precious metals.<\/li>\n<li><strong>President Zelenskyy<\/strong> confirmed a Russian drone strike targeted the <strong>State Security Service (SBU)<\/strong> headquarters in central Kyiv, specifically aiming for the office of the SBU head.<\/li>\n<\/ul>\n<h2>Hassett Praises Economic Momentum, Urges Fed Caution<\/h2>\n<p>White House economic adviser <strong>Kevin Hassett<\/strong> lauded the latest employment figures on Friday, describing the <strong>172,000<\/strong> jobs added as a &quot;blockbuster&quot; result that underscores an economy on a &quot;steep upward trajectory.&quot; Despite the robust hiring, Hassett emphasized that the <strong>Federal Reserve<\/strong> should maintain current interest rates, arguing that the growth is driven by supply-side improvements rather than inflationary overheating.<\/p>\n<p>Hassett noted that <strong>AI data centers<\/strong> are emerging as a significant driver for the labor market, particularly creating new job opportunities within the <strong>utilities<\/strong> sector. He suggested that the central bank has the luxury of &quot;watching and waiting&quot; as inflation continues to cool while productivity gains from technology adoption support high GDP growth.<\/p>\n<h2>Robinhood Chain Outage Disrupts Growing Ecosystem<\/h2>\n<p>The <strong>Robinhood Chain<\/strong>, a recently launched Layer 2 blockchain, faced its first major technical hurdle on Friday when block production unexpectedly stopped. The outage lasted approximately <strong>14 minutes<\/strong>, leaving numerous transactions in a pending state and causing a temporary halt to on-chain activity.<\/p>\n<p>While block production has since resumed, the cause of the disruption remains undisclosed. The incident follows a period of rapid growth for the network, which recently saw gas fees jump <strong>82-fold<\/strong> due to a surge in memecoin and tokenized asset trading. Robinhood Markets (<a href=\"\/stock\/HOOD\">HOOD<\/a>) has not yet issued a formal statement regarding the technical failure.<\/p>\n<h2>End of an Era: Rick Santelli to Retire from CNBC<\/h2>\n<p>Financial news veteran <strong>Rick Santelli<\/strong> announced on Friday that he will retire from CNBC on <strong>October 2nd<\/strong>, marking the end of a 27-year tenure. Santelli, who joined the network in 1999, became a household name in 2009 after his passionate floor rant from the <strong>Chicago Mercantile Exchange<\/strong> helped catalyze the Tea Party movement.<\/p>\n<p>Throughout his career, Santelli has been a fixture of CNBC\u2019s &quot;Squawk Box,&quot; providing real-time analysis of the bond markets and Federal Reserve policy. His departure represents a significant shift for the network&#39;s trading floor coverage, as Santelli was one of the last remaining high-profile voices reporting directly from the Chicago pits.<\/p>\n<h2>Commodities and Geopolitics: Silver Slides, Kyiv Attacked<\/h2>\n<p>In the commodities market, <strong>Spot Silver<\/strong> faced heavy selling pressure, tumbling over <strong>3%<\/strong> to <strong>$64.78<\/strong>. Analysts point to a &quot;measured correction&quot; following a period of overbought conditions, compounded by softening demand for silver paste in the solar panel industry. The <strong><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a>-to-Silver ratio<\/strong> remains a key focus for traders as precious metals navigate a &quot;higher-for-longer&quot; interest rate environment.<\/p>\n<p>On the geopolitical front, <strong>President Volodymyr Zelenskyy<\/strong> reported that a Russian drone strike directly hit the <strong>SBU headquarters<\/strong> on Volodymyrska Street in Kyiv. The attack, which occurred during daylight hours, reportedly targeted the office of the SBU chief. Zelenskyy has instructed security services to prepare a &quot;mirror-like&quot; response to the strike as emergency crews continue to work at the scene.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Kevin Hassett argues the case for the Federal Reserve to keep interest rates unchanged is &quot;very strong&quot; following 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