The U.S. unemployment rate fell to 3.8% in March, and the market has lowered its expectations for the Federal Reserve's interest rate cuts in 2024

ChainCatcher News, the U.S. Bureau of Labor Statistics announced that the seasonally adjusted non-farm payrolls in the U.S. for March increased by 303,000, compared to the expected 200,000 and a previous value of 275,000. The unemployment rate in the U.S. for March fell to 3.8%, while the market expected it to remain unchanged at 3.9%. Following the release of the March non-farm report, the swap market lowered its expectations for a Federal Reserve rate cut in 2024. The swap market has pushed back the fully priced first date for a Federal Reserve rate cut from July to September.