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Welcome to the On the Margin Newsletter, brought to you by Ben Strack, Casey Wagner and Felix Jauvin. Here’s what you’ll find in today’s edition:

A look at the weird things related to today’s ISM manufacturing PMI.
The bull and bear BTC price cases heading into autumn, given expected rate cuts.
Why the SEC might object to FTX’s repayment plans.  

Markets are being rocked by some weird things from the ISM manufacturing PMI that came out today. Following a weak monthly print of 46.8 in July, a rebound was…

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