Analysis: Non-farm payroll data remains highly volatile, and the threshold for the Federal Reserve to adjust its policy is quite high.

Zachary Griffiths, Head of Investment Grade Credits at Creditsights, stated: "The data is still subject to further downward revisions, with February showing a decrease of 133,000. This indicates significant volatility and frequent revisions, often occurring again during the annual review. Therefore, it's difficult to glean clear signals from the net data over the past few months. As for the Fed's policy based on this data, the threshold for any policy adjustment is currently very high. I believe they are likely in a wait-and-see mode, especially given that we've seen employment data significantly exceeding expectations, far exceeding the Fed's discussions about the break-even point corresponding to the unemployment rate. Therefore, we believe the threshold for raising interest rates is higher than for cutting them, but policy is likely to remain unchanged for the foreseeable future, and today's report undoubtedly reinforces this view." (Jinshi)