U.S. Job Growth Surges in March, Unemployment at 3.8%, Raising Questions on Fed Rate Cut Timing

• U.S. added 303K jobs in March, exceeding expectations of 200K and February's 270K (revised from 275K)

• Unemployment rate dipped to 3.8% against 3.9% expected and February's 3.9%

• Job growth raises questions about market expectations for Fed rate cuts in 2023

• Minneapolis Fed President suggests possibility of no 2023 rate cuts at all

• Labor force participation rate rose to 62.7% from 62.5%, more people returning to work