#三月非农数据来袭 Better-than-expected employment data will keep the Federal Reserve cautious and on the sidelines, reducing the likelihood of an interest rate cut in the short term (the market may delay the timing of the first cut). However, soft signals such as slowing wage growth and declining labor force participation leave room for future easing. The Federal Reserve is likely to continue "data-dependent" policy, avoiding a swift hawkish shift but also not rushing to loosen monetary policy. Overall, this signals a neutral to slightly tight stance on crypto liquidity.