The ADP nonfarm payrolls report slightly exceeded expectations, and the market continues to anticipate the Federal Reserve keeping rates unchanged in March.

The ADP National Employment Report released Wednesday showed that U.S. private sector employment rose more than expected in February, but the previous month's figure was significantly revised downward. Private sector employment increased by 63,000 last month, while January's figure was revised down to 11,000 from the previously reported increase of 22,000. The data may indicate that although the labor market was shaken last year due to uncertainty caused by import tariffs, it has now stabilized. The stable labor market and still high inflation are seen as factors encouraging the Federal Reserve to keep interest rates unchanged this month. In addition, the U.S.-Israeli air battle against Iran and retaliatory actions by Tehran have pushed up oil and gas prices, prompting traders to lower their expectations for rate cuts this year due to concerns that the conflict will fuel inflation. Currently, the likelihood of a rate cut in June has been greatly reduced. The U.S. Federal Reserve kept its benchmark overnight rate in the 3.50%-3.75% range in January. (Jinshi Data APP)