A look ahead at Friday's non-farm payrolls data. Yesterday's GDP was a false alarm, the market has realized that the US economy is still resilient enough in the first quarter, but whether this resilience is because tariffs are not yet certain, and it cannot be ruled out that tariffs will bring about an expansion in domestic demand, and the unemployment rate announced in April rose from 4% to 4.2%, including the downturn in the economy is indicated by Powell and the Fed themselves. This is also the reason why everyone is worried about the GDP in the first quarter, and whether the economy can continue to maintain resilience in the second quarter, at least domestic demand can continue to be guaranteed, the monthly unemployment rate is the key indicator, if the unemployment rate increases, then it will indeed increase the frequency of the Fed's interest rate cuts, but it also means that the trend of the economy will be worse. In Friday's data, the market expects that the unemployment rate is still good, and the unemployment rate is the same as the previous value of 4.2%, but I personally think that the unemployment rate may increase, maybe to 4.3% or 4.4%, of course, my personal feeling may not be accurate, if the unemployment rate increases, it depends on whether it is a "loss of joy" or "funeral". And yesterday's PCE data already showed a slowdown in people's wages, but spending continues to increase. This tweet is sponsored by @ApeXProtocolCN|Dex With ApeX