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Just yesterday, it was a shocking moment! Just before the release of the Federal Reserve meeting minutes, the U.S. Bureau of Labor Statistics actually released a shocking data revision!

In the period April 2023 to March 2024, job creation was revised down by an incredible 818,000, as if by a superstorm! This stunning change has caused job growth over the past year to free fall to just 1.3%.

This means that during this period, job growth in the United States was far less strong than people had previously estimated. It was simply too weak!

In fact, the cooling of the labor market is like a sudden super cold wave, which may come earlier than people expected and last longer, which is frightening!

This situation has caused the market to worry about its impact on economic growth and inflation expectations.

The Federal Reserve FOMC meeting minutes show a dovish stance: a rate cut is very likely in September!

Bloomberg News has come up with a shocking report: before the Federal Reserve’s policy committee unanimously decided to keep interest rates stable, several Fed officials actually openly admitted at the July 30-31 meeting that there were extremely reasonable reasons to cut interest rates!

"Several members firmly believed that the recent surge in inflation and unemployment provided an unassailable rationale for lowering the target range by 25 basis points at this meeting and that they could have supported such a significant decision," the minutes released in Washington on Wednesday read like a mysterious prophecy.

The minutes of the meeting also surprisingly mentioned: "The vast majority of members agreed that if the data continued to be consistent with expectations as if by magic, it would be absolutely appropriate to relax policy at the next meeting."

The minutes of the meeting were like a dazzling light, highlighting the incredible epiphany that policymakers had suddenly realized that the risks to achieving inflation and employment goals are now roughly the same, even though borrowing costs remain at staggering 20-year highs!

Fed Chairman Jerome Powell solemnly declared at a July 31 press conference that the committee is eager for people to be “super confident” that inflation will miraculously reach its 2% target before it starts cutting rates.

“Most participants called out that risks to the employment target had increased like a ferocious monster, while many participants pointedly noted that risks to the inflation target had decreased like magic,” the minutes stated.

Some participants expressed alarm that a further gradual easing of labor market conditions could turn into a severe deterioration that would be like the end of the world. This discussion made it clear that the Committee had begun to turn to a mysterious and magical approach to labor market risk management.

Although the 25 basis point rate cut in September was just a tiny ripple marking a small adjustment towards normalization, some analysts frantically said that the Fed must accelerate the pace of rate cuts at lightning speed, otherwise the US economy will not be able to achieve a soft landing, which would be a huge disaster!

Priya Misra, managing director and portfolio manager at JPMorgan Asset Management, enthused: “At the end of the day, does the Fed need to cut rates sooner?

If the risk is truly a dire deterioration in the labor market, I would strongly argue that the pace of rate cuts should be accelerated at lightning speed, by 50 basis points at a time, until we get back to neutral like a sanctuary, and then we can more cautiously walk the tightrope of rate cuts.”

The futures market seems to have the ability to predict the future, predicting that interest rates will be loosened by about 100 basis points in the rest of this year, which is simply incredible!

The prospect of a dovish rate cut by the Federal Reserve in September is like the most powerful engine in the universe, providing rock-solid buying support for the cryptocurrency market.