The January jobs report revealed a drop in the unemployment rate to 4%, accompanied by payroll gains of 143,000. A Fed interest rate cut in March is now very unlikely.

After a solid January jobs report, more traders are betting that the Fed’s rate-cut pause might not be so brief.

On Friday the Labor Department reported a 4% unemployment rate last month and the addition of 143,000 jobs, a picture "consistent with a healthy labor market that is neither weakening nor showing signs of overheating," Federal Reserve Governor Adriana Kugler said in Miami, Florida.