Analysis: Non-farm data still shows significant volatility, and the Federal Reserve's policy adjustment threshold remains quite high.

ME News message, April 3 (UTC+8): Creditsights’ head of investment-grade credit, Zachary Griffiths, said that the data still has further downward revisions. In February, it was reduced by 133,000, which shows the data has clear volatility and frequent revisions. Typically, it will be revised again during the annual review. Therefore, it is difficult to obtain a clear signal from the net data over the past few months. As for the Federal Reserve’s policy based on these data, at present, the threshold for any policy adjustment is very high. I believe they may be in a wait-and-see mode, especially when we see employment data significantly exceeding expectations, which is far above the Federal Reserve’s discussion of the break-even level in terms of gains and losses corresponding to the unemployment rate. Therefore, we believe the threshold for a rate hike is higher than that for a rate cut, but policy is likely to remain unchanged in the foreseeable future, and today’s report undoubtedly further reinforces this view. (Jin10 (Source: ODAILY))