On March 5, 2023, the "little non-farm" employment data showed that the February ADP employment number was 77,000, far below the expected 140,000. The previous value was revised upward to 186,000, marking the smallest increase since July 2024. The market is concerned that Trump's tariff measures may further strain an already weak U.S. economy, leading traders to bet that the Federal Reserve will likely resume interest rate cuts as early as May. The dollar index fell more than 1% intraday to 104.4 points. The interest rate market indicates that the market is pricing in more than a 50% chance of a Federal Reserve rate cut in May, fully pricing in three rate cuts in 2025.