Prior to the release of the non-farm payroll data, according to CME's "FedWatch": the probability of the Federal Reserve cutting interest rates by 25 basis points by March was 4.7%, and the probability of keeping rates unchanged was 95.3%. The probability of the Fed cutting rates by a cumulative 25 basis points by April was 14%, the probability of keeping rates unchanged was 85.5%, and the probability of a cumulative 50 basis point cut was 0.5%. The probability of a cumulative 25 basis point cut by June was 31.5%.