The non-farm payroll data just came out, and from an economic perspective, it's a mixed bag. Personally, I think there are more downsides. First, the unemployment rate dropped from 4.2% to 4.1%, which is decent. But the non-farm employment data that followed was pretty bad—not only below expectations but also lower than the revised previous figure, even turning negative. Ever since Trump cracked down on illegal immigration, the U.S. non-farm employment situation hasn’t been very optimistic. Although the drop in the unemployment rate suggests the economy is doing okay, the wage data isn’t ideal. With working hours unchanged, wage growth has slowed, which isn’t a good sign. Overall, the U.S. employment situation isn’t great, and businesses are likely under significant pressure. Logically, this kind of data should lean towards rate cuts. However, inflation is still very high, so the probability of a rate cut remains extremely low. The silver lining is that it reduces the likelihood of further rate hikes. That said, I still think this data won’t have a big or long-lasting impact on the market. The focus remains on inflation. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFD, prediction markets—all-in-one trading platform.