PANews reported on August 4 that according to Jinshi, CITIC Securities' research report pointed out that the number of new non-farm jobs in the United States in July 2024 was lower than expected. The previous value of new non-farm jobs was revised down, the unemployment rate rose, and the wage growth slowed down. All data show that the US labor market continues to cool, but the marginal changes are not large in historical data. The unemployment rate of 4.3% is still at a historical low level, and the increase in labor supply and weather factors have an impact, so the data will not be over-interpreted. The non-farm employment data in July may be out of the Fed's "sweet spot" but not out of the "comfort zone", and "recession trading" does not mean "economic recession". It is expected that the Fed will cut interest rates by 25bps for the first time at the September FOMC meeting, and there is room for 50-75bps of interest rate cuts throughout the year. The 10Y US Treasury yield will run in the range of 3.5-4.2% this year.