According to Jinshi, for investors, "the United States will cut interest rates this year" may be one of the biggest and most important trading arguments in early 2024, pushing large-cap stocks and technology-dominated U.S. stock indexes to new highs in June. However, the May jobs report unexpectedly overturned this notion, making the direction of policymakers more complicated. Jeffrey Cleveland, chief economist at Payden & Rygel, said that if the economy continues to grow and avoids a recession, the stock market will continue to rise and hit record highs in the next 6 to 12 months. If the Federal Reserve does not cut interest rates while inflation remains high, the environment for continuing to hold Treasury bonds may not be so bad. Analyst Sean Snaith said that the unexpected jobs report in May was not good news for the Federal Reserve and "should eliminate any hope of a rate cut this year."