【April Non-Farm Payrolls Quick Review】


U.S. non-farm employment added 115k jobs in April, as expected, declining but significantly higher than the market forecast of 62k.
The employment data "beats expectations," which will have several immediate impacts on the market in the short term:
✅ The Fed's rate cut expectations will be further suppressed, and the dollar and U.S. Treasury yields are likely to be supported.
✅ Short-term volatility in risk assets such as gold and crude oil will increase, and the bulls and bears will compete more fiercely.
✅ The resilience of employment data will bring more uncertainty to subsequent inflation data.

One sentence summary: The "soft landing" signal from employment data remains intact, but market expectations for rate cuts need to be pushed further into the future.
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