According to Reuters, the United States added 115k jobs in April, exceeding market expectations, with the unemployment rate remaining at 4.3%. The strong employment data weakened the recent rationale for interest rate cuts. Against the backdrop of tariffs, the Iran war pushing up energy prices, and rising inflation pressures, the futures market is now almost no longer betting on the Federal Reserve cutting rates this year. U.S. bank economists have delayed their rate cut expectations from September and October this year to July and September 2027, respectively, and stated that the data "does not support a rate cut this year."

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