美国非农场工资卷在3月上升228,000

美国的就业状况在3月继续以强烈的方式发展，在美联储打算短期利率的道路时增加了难题

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.

美国的就业状况在周五早上继续以强烈的方式发展，随着美联储打算在过去48个小时内发生明显变化的世界中的短期利率的道路，这增加了难题。

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).

据劳工统计局报道，上个月，非农业工资额上升了228,000。经济学家预计在2月增加了117,000个工作岗位之后，只有135,000人的收益（根据最初报道的151,000人修订）。

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月份的失业率上升了4.2％，抗经济学家共识为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.

在报告之后的几分钟内，比特币（BTC）的价格几乎没有改变，价格为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.

在就业报告之前，CME FedWatch工具（计算了对美联储政策的市场期望）的价格降低了2025年，这将使联邦资金利率降至3.25％–3.50％的目标范围。尽管预计美联储在5月的会议上仍将保持利率稳定，但市场参与者越来越多地押注6月的削减，目前的赔率显示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%.

当然，这一切都到了，随着特朗普周三晚上的关税宣布将市场带入了历史悠久的泰西（Tizzy）。纳斯达克周四下跌6％，标准普尔500次降至5％。几个小时前，当中国宣布报复性关税时，人们对某种周五反弹的希望被破坏了。在获得工作数据之前，纳斯达克和S＆P期货指出开放率下降了约3％。

Bitcoin added to list of safe havens?

比特币添加到安全避风港列表中？

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，黄金是投资者隐藏的资产之一。尽管自关税公告以来有所下降，但它仍然非常接近其每盎司3200美元左右的创纪录。同样毫不奇怪，美国国库券的出价强劲，在今天早上的就业新闻之前，10年的收益率跌至3.89％，自特朗普总统就职以来，现在降低了近100个基点。

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.

在过去的几周中，比特币公牛可能对加密货币的行为感到失望，而纳斯达克挣扎的tick票似乎是tick的价格。不过，脱钩的迹象可能正在出现。即使纳斯达克全天跌倒，比特币周四仍设法持有80,000美元的水平。在今天早上的数字之前，BTC在82,000美元的地区大致持平，即使期货指出纳斯达克人的延续。

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

接下来是将在下周举报的三月通货膨胀数据，Core和头条CPI在3％左右仍然存在约3％。