US April Employment Report Exceeds Expectations, Fed Rate Cut Hopes Cool!
The US April non-farm employment report exceeded expectations, driving up the stock and cryptocurrency markets, but at the same time reducing the market's expectations for a Fed rate cut in June. A reporter from The Wall Street Journal pointed out that the current job market does not show signs that a rate cut is needed, and Fed officials may continue to observe.
In April, 177,000 new jobs were added, and the unemployment rate remained at 4.2%, with overall trends stable, indicating that corporate hiring remains strong. Following the report's release, market expectations for a June rate cut plummeted to 34%, and Goldman Sachs and Barclays have pushed back their rate cut estimates to July.
Next, the market will focus on price data such as CPI and PCE, looking for whether July will become an opportunity for a policy shift. In the tug-of-war between inflation and employment, while rate cut expectations have not disappeared, they have become cautious.
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