Core Viewpoint - The market shows no significant tension ahead of the non-farm payroll report, with investors' expectations regarding the Federal Reserve's policy path stabilizing [1] Group 1: Employment Data Expectations - Goldman Sachs estimates that the new non-farm payroll number will be around 70,000, aligning with mainstream consensus [3] - As long as the results do not deviate significantly from this range, the impact is likely to confirm existing macroeconomic judgments rather than introduce new uncertainties [3] - A job addition in the range of 70,000 to 100,000 is seen as an ideal outcome, indicating economic expansion while avoiding concerns of overheating [3] Group 2: Market Reactions to Employment Data - If the data falls below 50,000, it may raise concerns about weakening growth momentum, leading to increased market volatility [4] - Conversely, if job growth exceeds expectations, such as surpassing 125,000, the market may reconsider the pace of policy adjustments, potentially delaying anticipated easing [4] - Current market structure suggests that Goldman Sachs does not expect significant volatility from this non-farm data, as investor positioning indicates limited bets on large single-day movements [4]