US unemployment came in at 4.4%, slightly above the 4.3% expectation. #USJobsData

That small increase hints that the labour market may be starting to cool. Normally this type of data would strengthen expectations for a rate cut. $BTC

However the market is telling a different story.

Current pricing shows only about a 4.4% probability of a 25 bps cut at the March Fed meeting, meaning traders still believe the Fed is not ready to pivot yet.

In other words, weaker data alone is not enough.#MarketRebound

For now the Fed still looks comfortable keeping policy tight, and the market is waiting for more consistent signs of economic slowdown before pricing in meaningful easing.

If the labour market continues to soften in the coming months, those probabilities could change quickly.

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