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The 150,000 people far exceeded market expectations, marking the largest increase in six months. The unemployment rate fell slightly to 4.1% from 4.2% in August, demonstrating the strength of the labor market and economic resilience, further weakening market concerns about an economic recession and increasing confidence in achieving a soft landing.

The latest employment report also showed that non-farm employment data in July and August were revised upward by 72,000 people, and the average monthly employment growth in the past three months increased from 140,000 to 186,000. The annual wage growth rate reached 4%, and the monthly growth rate was 0.4%.

Fed policy trends: Steady pace of interest rate cuts

The market generally believes that this employment report will eliminate the need for the Federal Reserve to cut interest rates by another two percentage points this year, and will make it more likely to take a steady pace of interest rate cuts. Federal Reserve Chairman Powell said this week that if the economy performs as expected, it may cut interest rates by another 50 basis points this year. This means that the two meetings in November and December are more likely to cut interest rates by 25 basis points each, breaking market expectations of a two-point interest rate cut in November.

Wall Street Journal reporter Nick Timiraos pointed out that September's non-farm payrolls report may eliminate the possibility of the Federal Reserve cutting interest rates by another 0.5 percentage point in November, and it is more likely to choose to cut interest rates by 25 basis points. The Federal Reserve regarded the September rate cut as a "recalibration" to ease restrictive pressure on the economy, and the 25 basis point rate cut in November is still consistent with this strategy.

Market expectations and economists’ views

Economists at JPMorgan Chase and Bank of America both predict the Fed will cut interest rates by 25 basis points at its November meeting. They cited the strong job market as reason for the Fed to adopt more prudent monetary policy. According to the CME Group's FedWatch tool, the market expects that the probability of a 25 basis point interest rate cut in November has increased to 97.4%, and the possibility of a 50 basis point interest rate cut has returned to zero.

Biden administration's response

Regarding this positive employment report, President Biden said in a White House statement that this is good news for American workers and families. Biden emphasized that under his leadership, 16 million jobs have been created, unemployment has remained low, and wages have grown faster than inflation. He also criticized Republican economic policies, particularly positions on tax cuts and labor rights.

Bitcoin market reaction

Affected by the strong non-agricultural data, the U.S. dollar index rose to 102.487, reaching a 7-week high. U.S. stock futures and U.S. Treasury bond yields also rose. The price of Bitcoin rebounded from a low of $60,840 last night, rising to a maximum of $62,480, an increase of 1.5% in 24 hours, and was trading at $62,000 at the time of writing.

These data indicate that the strong performance of the U.S. economy and job market has had a significant impact on both traditional financial markets and cryptocurrency markets.