US non-farm data disappointed, slashing interest rate hike expectations in half—does the “liquidity easing” narrative need to be back again?

CoinWorld news, affected by the weaker-than-expected non-farm payroll report, U.S. Treasury bond prices rose, and traders lowered their expectations for Fed rate hikes in the coming months.
The two-year Treasury yield, most sensitive to monetary policy changes, fell 6 basis points to 4.11%, while the 10-year Treasury yield fell 2 basis points to 4.46%.
Interest rate swap data shows that the market expects the probability of a rate hike at the Fed's meeting later this month to be about 20%, down from 33% before the data release.
The market expects that by March 2027, the Fed will raise rates fewer than two times, with each hike not exceeding 25 basis points.
Last month, non-farm payrolls increased by 57k, with the previous two months' data both revised downward, while economists surveyed by Bloomberg had expected an increase of 113k.
Due to a sharp decline in the labor force participation rate, the unemployment rate fell to 4.2%.