「Mini Nonfarm」 Slightly Beats Expectations, Market Continues to Anticipate Fed to Hold Steady in March

BlockBeats News, March 4th, ADP National Employment Report on Wednesday showed that in February, the number of jobs in the US private sector increased more than expected, but the data for the previous month was revised down significantly. Private sector employment increased by 63,000 last month, while the January data was revised down from the previously reported 22,000 increase to an 11,000 increase. The data may indicate that despite the labor market's volatility last year due to the uncertainty caused by import tariffs, it has now stabilized. The stability of the labor market and persistent high inflation are seen as factors encouraging the Federal Reserve to keep interest rates unchanged this month.

In addition, the US air strike on Iran and Tehran's retaliatory action have pushed up oil and gas prices, prompting traders to lower their expectations of interest rate cuts this year due to concerns that the conflict will fuel inflation. Currently, the likelihood of a rate cut in June has been significantly reduced. The US Federal Reserve kept the benchmark overnight interest rate unchanged at 3.50% to 3.75% in January. (Jinshi)