Non-farm data exceeded expectations, stimulating U.S. Treasury bonds to rise, but growth is slowing, and the Fed's interest rate cuts may be delayed.
In May, the seasonally adjusted non-farm payrolls recorded 139,000, the lowest since February, higher than the market expectation of 130,000.
Analysts evaluate U.S. non-farm data: It looks like a set of very good numbers. Job growth is basically in line with expectations, and the unemployment rate remains at 4.2%. This may provide policy space for the Fed to delay interest rate cuts.
New York Times analysts: The employment report reinforces the Fed's wait-and-see attitude towards further rate cuts. The Fed is almost certain to choose not to cut rates again at its meeting later this month (June 18).
Financial markets expect the Fed to keep the benchmark overnight rate unchanged in the range of 4.25%-4.50% this month, with rate cuts resuming in September.
Fed's Hamack: Calls for patience, as it is not yet the time for preemptive measures.