Last night, the U.S. released the April JOLTS job vacancy data, which was lower than expected and hit a three-year low. This means that the U.S. labor market has cooled significantly. This data is definitely bullish for interest rate cut expectations without considering the occurrence of stagflation. In fact, CME's latest upward revision of expectations for a September interest rate cut can also illustrate this point. We can see that this expectation is rising every day. Last week it was only around 45%, yesterday it was 62%, and today it continued to grow to 65%. In addition, the expectation of cumulative interest rate cuts before the end of this year has also increased, with a probability of nearly 40% for two interest rate cuts, a probability of 33% for one interest rate cut, and a probability of 16.6% for three interest rate cuts. These probabilities have basically returned to the forecasts at the end of last year, and the benefits to the risk market are still quite obvious.