The unemployment rate exceeded expectations and the Federal Reserve's easing expectations for 2026 have intensified.

The latest data on the U.S. unemployment rate shows that it stands at 4.6%, significantly higher than the market's previous expectation of 4.4%. This data release sends a clear signal: the U.S. labor market is showing signs of marginal weakening.

As one of the core barometers of the economy, a cooling job market often indicates a potential decline in residents' consumption capacity and willingness, which in turn may drag on overall economic growth. Against this backdrop, the foundation for the Federal Reserve to maintain its tightening policy has been shaken. From a policy perspective, when the unemployment rate breaches the market's tolerance threshold, stabilizing growth and ensuring employment will become important guiding principles for monetary policy.

As a result, market expectations for a policy shift by the Federal Reserve in 2026 have further strengthened—whether it be an early start to the rate-cutting cycle or the implementation of easing tools such as balance sheet expansion, more aggressive easing measures may become the inevitable choice for the Federal Reserve. The fermentation of these expectations will also have a profound impact on the valuation logic of risk assets such as U.S. stocks and cryptocurrencies. $BTC $ETH #美国非农数据超预期 #BinanceABCs #巨鲸动向