At 13:30 GMT today, the US non-farm payroll report is about to be released, and this data is undoubtedly the focus of the global financial markets at the moment.

Currently, UK government bond yields are stable around 4.407%, but the market is clearly holding its breath — after all, this data could reshape the Federal Reserve's rate cut expectations. Think about it, if the employment data exceeds expectations, the probability of a rate cut in the near future will be further lowered; conversely, if the data is weak, hopes for a rate cut will be reignited.

For investors, this is a critical moment. Whether in the stock market, bond market, or digital assets, everyone is waiting for this report to give a clear signal. Tradeweb data already shows that the UK bond market is currently calm, but this tranquility may just be the calm before the storm. The real test is this afternoon.