On April 4th, the number of non-farm payrolls in the United States for March saw the largest increase since the end of 2024, and the unemployment rate unexpectedly declined. "The Wall Street Journal's" Fed reporter, Nick Timiraos, pointed out that this data has temporarily eased the difficult policy dilemma of "protecting employment or controlling inflation." The interest rate swap market shows that expectations for rate cuts within the year have fallen from pricing of about 4 basis points before the report's release to nearly zero, and bets on rate cuts next year have also narrowed.