According to Jinshi, the European Central Bank announced its first interest rate cut of 25 basis points. The rate cut was not entirely without controversy, and many people believed that it might be too early against the backdrop of persistent inflation. But in the past few months, since the rate cut in June became a foregone conclusion, the market has been more focused on the possible path of easing in the future. Unfortunately, we did not get much more information about the future path from Lagarde's press conference. We expect that the US employment data may be more exciting than the ECB's rate cut. The market seems to be prepared for economic disappointment. The market generally expects non-farm payrolls to be 185,000 in May, slightly higher than 175,000 last month. However, in our view, any data close to the consensus will actually be a catalyst for higher yields. This number will be well below the average for this year, but it will not reflect the worrying economic weakness. Since inflation has not yet reached the level that the Fed needs, we think that the yield on the 10-year Treasury should be higher in this case.