A solid U.S. jobs report assuaged some swirling concerns about a rapid growth slowdown, but with policy uncertainty surging and tariff headlines keeping the outlook for risk assets murky, Wall Street sees little to cheer.

Bond investors are on alert for any signs of US economic weakness in Friday’s employment report, as they assess whether the recent rally in Treasuries has further room to run.

U.S. job growth likely picked up in February, with the unemployment rate expected to hold steady at 4.0%, but growing uncertainty over trade policy and deep federal government spending cuts could erode the labor market's resilience in the months ahead.