The latest US non-farm payroll data far exceeded expectations! In February, 353,000 new jobs were added, far surpassing the market forecast of 185,000, with the unemployment rate holding steady at 3.7%. After the data was released, the US dollar index jumped 0.3%, the 10-year US Treasury yield broke through 4.1%, and US stock futures fluctuated higher. Strong employment highlights economic resilience, and market expectations for the Federal Reserve to maintain high interest rates have increased. The timing of rate cuts this year may be further delayed, and short-term volatility in global risk assets is expected to intensify.