The US non-farm payrolls report for May released last night brought an unexpected surprise, with a sharp increase in employment, far exceeding market expectations, showing a strong recovery in the labor market. However, the accelerated wage growth and unexpected increase in the unemployment rate complicated the market situation. Although strong employment data is usually seen as a positive sign of economic health, the rise in unemployment has hit the market's expectations of a Fed rate cut.

Before the data was released, the market generally expected a rate cut in July, but this hope was almost shattered after the release of the non-farm data. The market originally expected two or three rate cuts this year, but now most people believe that the Fed may only cut once in December.

This shift poses a test to Wall Street's "bull market belief". The upward trend of the US stock market in the short term may therefore face significant pressure, as the cooling of expectations for rate cuts reduces the market's expectations for increased liquidity. At the same time, the cryptocurrency market has also been affected, with Bitcoin prices losing key support levels one after another, and both long and short sides in the contract market have suffered huge shocks.

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