Preview of Friday's non-farm payroll data. Yesterday's GDP was a false alarm, and the market has realized that the U.S. economy still has enough resilience in the first quarter. However, it is not yet certain whether this resilience is due to tariffs, and the expansion of domestic demand brought by tariffs cannot be ruled out. The unemployment rate announced in April rose from 4% to 4.2%, which includes the economic downturn personally indicated by Powell and the Federal Reserve. This is also why everyone is worried about the first quarter GDP. As for whether the economy can continue to maintain resilience in the second quarter, at least whether domestic demand can continue to be guaranteed is uncertain. The unemployment rate each month is a key indicator. If the unemployment rate rises, it will indeed increase the frequency of Federal Reserve rate cuts, but it also means that the economic trend will be worse. In Friday's data, the market expectations are still good, with the unemployment rate expected to be the same as the previous value at 4.2%. However, I personally think the unemployment rate may rise, possibly to 4.3% or 4.4%. Of course, my personal feeling may not be accurate. If the unemployment rate rises, we need to see if it's "losing joy" or "losing sorrow." Moreover, yesterday's PCE data has already shown that the growth rate of people's wages is slowing down, but spending continues to increase. This tweet is sponsored by @ApeXProtocolCN | Dex With ApeX