According to Jinshi, Dongwu Securities said that the unexpected employment has once again lowered the probability of the Fed cutting interest rates. The current recovery in wage growth may slow the decline in inflation. The Fed may be more concerned about inflation rather than employment. If the May inflation data remains highly resilient again, the probability of a rate cut once or even no rate cut this year will increase. Given the strength and stickiness of the data, the Fed needs a window period of more than 3 months to observe, which means that the policy will be more determined than before.