#非农数据超预期

Non-farm payroll data exceeds expectations, causing short-term disturbances; the medium-term logic remains unchanged.

From a macro perspective, the biggest impact of the better-than-expected non-farm data is to delay the easing pace, rather than change the direction.

The current economic state is still "reducing inflation without recession," which is the phase that risk assets fear the most but is also the most common. The market is difficult to rise quickly and fall sharply, but prone to repeated tug-of-war. For the crypto market, this environment means: high leverage and high sentiment assets will be compressed, and funds will favor mainstream assets and undervalued sectors. In terms of observation strategy, there's no need to be led by a single data point; more importantly, watch whether subsequent CPI and PCE figures align. If inflation continues to decline, even a strong non-farm report will only slow the pace, not reverse the trend.

At this moment, maintaining flexible positions is more important than betting on a specific direction.