U.S. January non-farm payrolls mixed, supporting the Fed to hold off on rate cuts

Odaily reports that after the January interest rate meeting, the Federal Reserve entered a pause in interest rate cuts. The non-farm data showed that the US labor market maintained resilience. After officially taking office, Trump's tariff policy flip-flopped, and the actual implementation strength was limited. In addition, the impact of Trump's external tariff policy on inflation also needs to be observed for some time, and the tariff issue will continue to disturb the market. Since January, the price of gold has continued to rise and hit new highs. The demand for safe-haven caused by the tariff issue has dominated, and the reaction to the fundamental data has faded. The January non-farm report was generally bearish for gold and did not provide more upward momentum. The Federal Reserve's pause in interest rate cuts and the stability of the job market provided support for the US dollar index, while US bond yields faced upward risks and were expected to stop falling and rebound. The stock market continued to fluctuate.