[News on March 6: "Small non-agricultural" employment increased by 140,000 in ADP in February, Powell: It is appropriate to cut interest rates at a certain point this year]
Cryptocurrency markets keep a close eye on ADP data. ADP employment, known as "small non-agricultural employment", was in line with expectations but rebounded from the previous value. Wage growth for job-changers accelerated for the first time in more than a year, and service industry jobs continued to grow significantly.
At 9 pm on Wednesday, March 6, the U.S. ADP employment report showed that the U.S. ADP employed 140,000 people in February, which was lower than the expected 150,000, but exceeded the revised previous value of 111,000, the largest number since December 2023. increase.
While employment growth rebounded, wage growth for those staying employed continued to slow, reaching 5.1%, the smallest increase since August 2021. For those changing jobs, wages increased 7.6% year-on-year, the first acceleration since November 2022.
ADP chief economist Nela Richardson said: Employment growth remains strong and salary growth trends are lower, but still above the inflation rate. In short, the labor market is dynamic and does not affect the Fed's interest rate decisions this year.
After the data was released, the U.S. dollar index fell slightly in the short term and was now at 103.62. U.S. stock futures rose slightly in the short term, with the Nasdaq 100 index futures expanding to nearly 0.9%. The U.S. 10-year Treasury bond yield has little short-term fluctuations and is currently at 4.138%.
Tonight, Federal Reserve Chairman Powell went to Capitol Hill to deliver the latest semi-annual monetary policy reports in the House of Representatives and the Senate respectively. As the silence period before the Federal Reserve's March interest rate meeting approaches, the market is eager to hear more clarity on the Federal Reserve's monetary policy this year. guidance.
"We believe our policy rates are likely at the top of this tightening cycle," Powell said in his speech. "If the economy develops as expected, it would be appropriate to begin reducing policy restrictions at some point this year, but there is uncertainty about the economic outlook." It is uncertain whether the anti-inflation policy can continue to make progress towards the 2% target."
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