The market appears to interpret the non-farm payroll data as indicating a solid labor market, allowing the Fed to focus on inflation reduction

Odaily News According to a New York Times financial markets reporter based in New York, the stock market is closed today for the Easter holiday, but the bond market remains open for trading until local noon. Investors initially seemed to interpret the new data as suggesting that "against the backdrop of a still-solid labor market, the Federal Reserve can focus on lowering inflation." This likely implies higher levels of interest rates. The yield on the two-year U.S. Treasury note, which is sensitive to changes in interest rate expectations, surged to 3.85% following the data release. (Jin10)