April non-farm payrolls are coming tonight, bond traders are betting on tariffs "freezing" the US job market.

According to the Wise Finance APP, the non-farm payroll report for April will be released tonight. Economists predict that the April US employment report will show an increase of 135,000 new jobs, lower than the 228,000 in March. The day before the report was released, the currency market expected the Federal Reserve to cut interest rates by nearly 0.25 percentage points about four times by 2025, one more than the expectation before President Trump announced the large-scale tariff policy last month. US bond investors are betting that President Donald Trump's tariff policy will drag down the pace of development of the world's largest economy, forcing the Federal Reserve to lower interest rates.