According to Jinshi, analyst Michael MacKenzie said that after the release of the US non-farm data, the probability of the Fed's interest rate cut remained unchanged, and the September swap pricing showed that the Fed would cut interest rates by 18 basis points. The mild reaction after the release of the employment report suggests that the bond market will wait for Powell's news next week and be ready to check the June CPI data before feeling more comfortable with the September rate cut.
