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It’s jobs day, more inflation concerns, and Bitcoin drops. Payrolls This morning’s jobs data for December is expected to show the U.S. econo [View in browser]( [Bloomberg]( It’s jobs day, more inflation concerns, and Bitcoin drops. Payrolls This morning’s jobs data for December is expected to show the U.S. economy added 447,000 positions in the month, with the unemployment rate [ticking lower to 4.1%](. The labor force participation rate may climb slightly to 61.9%, with the numbers published at 8:30 a.m. Eastern Time. The data is seen as another test for the [under-pressure Treasury market](, with a strong headline number today possibly leading to further selling. The minutes from the most recent Fed meeting showed policy makers see the economy as [close to full employment](, adding to urgency to remove accommodation. Wednesday’s ADP Research Institute data showed U.S. companies had added the [most jobs in seven months](. Inflation Investors [concerned about price rises]( around the world got more news to back their positions when euro-area inflation surprised by [quickening to an annual 5% in December](, defying expectations for a slowdown. [From Asia](, to [the U.K.](, and [North]( and [South America](, price pressures are dominating the outlook. Despite the global nature of [the rise in inflation](, it seems likely that 2022 will be a year of [divergent central bank responses](, with the European Central Bank and Bank of Japan expected to keep rates at rock-bottom levels while their peers tighten. Falling Bitcoin dropped again overnight, declining to as low as $41,008 to hit the [lowest level since September](. Other cryptocurrencies were also lower. Technical indicators suggest a [drop below $40,600]( would signal further weakness for the Bitcoin. Among the factors being blamed for the slump is the outlook for Fed policy, the tech selloff and even the [unrest in Kazakhstan]( where a substantial number of miners had gone after China’s crackdown. Elsewhere in digital news, retail investor favorite GameStop Corp. surged in pre-market trading after the company announced plans to [launch a marketplace]( for nonfungible tokens. Markets wait Traders seem to be taking a break from this week’s selling as they wait for U.S. payrolls data. Overnight the MSCI Asia Pacific Index added 0.5% while Japan’s Topix index closed 0.1% lower. In Europe, the Stoxx 600 Index had slipped 0.1% by 5:50 a.m. Eastern Time with miners among the biggest gainers. S&P 500 futures pointed to a [move higher at the open](, the 10-year Treasury yield was at 1.725%, oil was [over $80 a barrel]( and gold was broadly unchanged. Coming up... As well as U.S. jobs data we get an update on the Canadian employment situation for December at 8:30 a.m. The latest Baker Hughes rig count is at 1:00 p.m. San Francisco Fed President Mary Daly and Atlanta Fed President Raphael Bostic speak later. The Supreme Court hear arguments on President Joe Biden’s [vaccine requirements](. Acuity Brands Inc. is among the companies reporting results. What we've been reading Here's what caught our eye over the last 24 hours. - Jan. 6’s wounds in Congress [run deep](, Trump keeps them fresh. - Why a veteran strategist is predicting a [10% stock-market drop](. - Won’t somebody please think of the [ARK structured notes](. - Kazakh president says [troops restored order]( as crackdown goes on. - Wall Street is using tech firms like Zillow to [eat up starter homes](. - Wait, what happened to all those [corporate bankruptcies](? - Sending tardigrades [to the stars](. And finally, here’s what Katie’s interested in this morning 22V Research’s Dennis DeBusschere says this week’s rise in real rates is just the start. In fact, higher real rates is the “[ single highest conviction](” call of 2022 for DeBusschere, who was voted as the No. 1 U.S. portfolio strategist in last year’s Institutional Investor survey. That could make for an extremely interesting and volatile equity market in 2022. This week provided a preview of what that might look like -- the stock market’s most speculative corners were [hammered](, with the likes of profitless technology shares, recently public companies and Cathie Wood’s ARK Innovation ETF (ARKK) plunging. It was less ugly on the index level -- the S&P 500 is roughly 1.5% lower, which would be its worst week since only mid-December. And even with rising real yields, DeBusschere sees the benchmark rising to 5,040 by-year end, from just below 4,700 at Thursday’s close. That seems to be the consensus among Wall Street as well -- that generally, the broadly measured stock market should be fine. The average year-end S&P 500 forecast in a Bloomberg survey of strategists stands at 4,950, which isn’t amazing, but it’s still a gain (and already, targets are [moving higher](). However, the richly valued and hyper-growth stocks at the equity market’s riskiest fringes may be first in the firing line. Follow Bloomberg's Katie Greifeld on Twitter @kgreifeld Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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