Non-farm payrolls significantly beat expectations + lower unemployment rate + wage growth exceeding expectations → Fed remains hawkish This aligns with our first point, but although a strong NFP reinforces rate hike expectations, those expectations are already priced in, so it’s not necessarily alarming. The key question now is: U.S. employment hasn’t suddenly collapsed—so how long can the Fed actually continue tightening? Short-term negative, but once the Fed completes its rate hikes, it will become a positive.