The nonfarm payroll report will test whether the Federal Reserve still has reason to raise interest rates.

According to foreign media analysis, the nonfarm payroll report to be released on Friday comes at a delicate time for the interest rate market. U.S. Treasury yields have finally retreated from decades-high levels, and weaker core PCE data has alleviated some market concerns about the Federal Reserve’s near-term policy path. In addition, recent comments from FOMC voters Williams and Jefferson have further bolstered dovish views. Therefore, the next employment data does not need to show a sharp collapse to have an impact; it only needs to avoid giving the Federal Reserve another reason to raise rates.