[CITIC Securities: Current Inflation Risks Are Squeezing the Fed's Rate-Cut Space] Jin10 Data, April 10 – CITIC Securities pointed out that U.S. non-farm payroll data indicates marginal improvement in U.S. employment in March, though sustainability remains to be seen. The U.S. added 178,000 non-farm jobs in March, exceeding expectations, partly driven by short-term disruption recovery. While the structure of March employment growth showed some improvement compared to February, growth in many industries remains relatively low. If the U.S.-Iran conflict persists, it is expected to exert pressure on the global supply chain, which may continue to weigh on U.S. employment in the future. However, current inflation risks are squeezing the Federal Reserve's room for rate cuts.