"Small Non-Farm" Slightly Exceeds Expectations, Market Continues to Expect Fed to Hold Steady in March

Odaily News: The ADP National Employment Report released on Wednesday showed that U.S. private sector employment growth in February exceeded expectations, but data from the previous month was significantly revised downward. Private sector employment increased by 63,000 last month, while January's figure was revised down from a previously reported increase of 22,000 to an increase of 11,000. The data may indicate that the labor market, which had been shaken last year by uncertainty stemming from import tariffs, has now stabilized. The stability of the labor market and persistently high inflation are seen as factors encouraging the Federal Reserve to keep interest rates unchanged this month. Additionally, the U.S.-Israel airstrikes on Iran and Tehran's retaliatory actions have pushed up oil and gas prices, prompting traders to lower their expectations for rate cuts this year due to concerns that the conflict could fuel inflation. Currently, the likelihood of a rate cut in June has significantly diminished. The U.S. central bank kept its benchmark overnight interest rate in the range of 3.50%-3.75% in January. (Jin10 Data APP)