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U.S. added 303,000 jobs, surpassing expectations of 200,000 For March This demonstrates the continued strength of the job market, marking the highest number of job additions since May 2023. The unemployment rate also decreased to 3.8% in March, beating expectations of 3.9% and the previous month's rate of 3.9%.Following the release of the job report on Friday morning, the price of bitcoin dropped by approximately 0.5% to $66,000. Meanwhile, U.S. stock index futures initially rose but later retreated slightly, though they still remained somewhat higher. Additionally, the 10-year U.S. Treasury yield increased by 6.5 basis points to 4.38%, and the dollar index rose by 0.5%.At the start of 2024, there were expectations in the market for as many as five or six rate cuts by the U.S. Federal Reserve, potentially beginning as early as March. However, economic data has not aligned with these expectations. Inflation has actually risen somewhat in the first quarter of the year, and job growth has remained strong.Despite previous expectations, there were no rate cuts in March. Traders, prior to today's numbers, had shifted their expectations for the first rate cut to June or July, according to the CME FedWatch Tool. It's now anticipated that there will be just three rate cuts for the entire year, and even that might be excessive. Minneapolis Fed President Neel Kashkari recently suggested the possibility of no rate cuts at all in 2024. His comments led to a significant downturn in stocks, with major averages closing down more than 1%. Following today's data release, swaps trading indicates that expectations for the first rate cut have been pushed out to September.Looking at other details in the report, the labor force participation rate increased to 62.7% from 62.5%, indicating a significant number of people returning to the workforce. Additionally, average hourly earnings rose by 0.3% in March, consistent with expectations and up from 0.2% in February. On a year-over-year basis, average hourly earnings increased by 4.1%, slightly lower than February's 4.3% rise.

U.S. added 303,000 jobs, surpassing expectations of 200,000 For March

This demonstrates the continued strength of the job market, marking the highest number of job additions since May 2023.

The unemployment rate also decreased to 3.8% in March, beating expectations of 3.9% and the previous month's rate of 3.9%.Following the release of the job report on Friday morning, the price of bitcoin dropped by approximately 0.5% to $66,000.

Meanwhile, U.S. stock index futures initially rose but later retreated slightly, though they still remained somewhat higher. Additionally, the 10-year U.S. Treasury yield increased by 6.5 basis points to 4.38%, and the dollar index rose by 0.5%.At the start of 2024, there were expectations in the market for as many as five or six rate cuts by the U.S.

Federal Reserve, potentially beginning as early as March. However, economic data has not aligned with these expectations. Inflation has actually risen somewhat in the first quarter of the year, and job growth has remained strong.Despite previous expectations, there were no rate cuts in March.

Traders, prior to today's numbers, had shifted their expectations for the first rate cut to June or July, according to the CME FedWatch Tool. It's now anticipated that there will be just three rate cuts for the entire year, and even that might be excessive.

Minneapolis Fed President Neel Kashkari recently suggested the possibility of no rate cuts at all in 2024. His comments led to a significant downturn in stocks, with major averages closing down more than 1%.

Following today's data release, swaps trading indicates that expectations for the first rate cut have been pushed out to September.Looking at other details in the report, the labor force participation rate increased to 62.7% from 62.5%, indicating a significant number of people returning to the workforce.

Additionally, average hourly earnings rose by 0.3% in March, consistent with expectations and up from 0.2% in February. On a year-over-year basis, average hourly earnings increased by 4.1%, slightly lower than February's 4.3% rise.

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