美國非農場工資卷在3月上升228,000

美國的就業狀況在3月繼續以強烈的方式發展，在美聯儲打算短期利率的道路時增加了難題

The U.S. employment situation continued to roll along in strong fashion on Friday morning, adding another piece to the puzzle as the Federal Reserve contemplates the path of short-term interest rates in a world that's markedly changed in the last 48 hours.

美國的就業狀況在周五早上繼續以強烈的方式發展，隨著美聯儲打算在過去48個小時內發生明顯變化的世界中的短期利率的道路，這增加了難題。

Nonfarm payrolls rose by 228,000 last month, the Bureau of Labor Statistics reported. Economists had expected a gain of just 135,000 following February’s increase of 117,000 jobs (revised from an originally reported 151,000).

據勞工統計局報導，上個月，非農業工資額上升了228,000。經濟學家預計在2月增加了117,000個工作崗位之後，只有135,000人的收益（根據最初報導的151,000人修訂）。

The unemployment rate for March, however, rose a tick to 4.2% against economist consensus of 4.1% and February's 4.1%.

然而，3月份的失業率上升了4.2％，抗經濟學家共識為4.1％，2月的4.1％上升。

The price of bitcoin (BTC) was little-changed in the minutes following the report at $82,600.

在報告之後的幾分鐘內，比特幣（BTC）的價格幾乎沒有改變，價格為82,600美元。

Ahead of the jobs report, the CME FedWatch Tool — which gauges market expectations for Federal Reserve policy — had priced in four rate cuts for 2025, which would bring the federal funds rate down to a target range of 3.25%–3.50%. While the Fed is still expected to hold rates steady at its May meeting, market participants are increasingly betting on a cut in June, with current odds showing a 60% probability.

在就業報告之前，CME FedWatch工具（計算了對美聯儲政策的市場期望）的價格降低了2025年，這將使聯邦資金利率降至3.25％–3.50％的目標範圍。儘管預計美聯儲在5月的會議上仍將保持利率穩定，但市場參與者越來越多地押注6月的削減，目前的賠率顯示60％的概率。

All this comes, of course, as Trump's Wednesday evening tariff announcements threw markets into an historic tizzy. The Nasdaq plunged 6% on Thursday and the S&P 500 just shy of 5%. Hopes for some sort of Friday bounce were dashed a few hours ago when China announced retaliatory tariffs. Prior to the jobs data, Nasdaq and S&P futures were pointing to opening declines of around 3%.

當然，這一切都到了，隨著特朗普週三晚上的關稅宣布將市場帶入了歷史悠久的泰西（Tizzy）。納斯達克週四下跌6％，標準普爾500次降至5％。幾個小時前，當中國宣布報復性關稅時，人們對某種週五反彈的希望被破壞了。在獲得工作數據之前，納斯達克和S＆P期貨指出開放率下降了約3％。

Bitcoin added to list of safe havens?

比特幣添加到安全避風港列表中？

To no surprise, gold is among the assets where investors have been hiding out. Though it's down a bit since the tariff announcement, it remains very close to its record high of around $3,200 per ounce. Also to no surprise, U.S. Treasury bonds have seen a strong bid, with the yield on the 10-year tumbling to 3.89% just ahead of this morning's jobs news, now lower by nearly 100 basis points since President Trump's inauguration.

毫不奇怪，黃金是投資者隱藏的資產之一。儘管自關稅公告以來有所下降，但它仍然非常接近其每盎司3200美元左右的創紀錄。同樣毫不奇怪，美國國庫券的出價強勁，在今天早上的就業新聞之前，10年的收益率跌至3.89％，自特朗普總統就職以來，現在降低了近100個基點。

Bitcoin bulls may have been disappointed by the crypto's behavior over the past weeks, with the price seemingly moving tick for tick with the struggling Nasdaq. Signs of a decoupling may be emerging though. Bitcoin on Thursday managed to hold the $80,000 level even as the Nasdaq tumbled throughout the day. Prior to this morning's numbers, BTC was roughly flat in the $82,000 area even as futures pointed to a continuation of the Nasdaq plunge.

在過去的幾周中，比特幣公牛可能對加密貨幣的行為感到失望，而納斯達克掙扎的tick票似乎是tick的價格。不過，脫鉤的跡象可能正在出現。即使納斯達克全天跌倒，比特幣週四仍設法持有80,000美元的水平。在今天早上的數字之前，即使期貨指出納斯達克山脈的延續，BTC在82,000美元的地區大致持平。

Next up is March inflation data to be reported next week, both core and headline CPI are still lingterally seen around 3%.

接下來是將在下週舉報的三月通貨膨脹數據，Core和頭條CPI在3％左右仍然存在約3％。