The August non-farm payrolls were ambiguous, and the policy direction after the September rate cut remains to be seen. The August non-farm payrolls data has attracted the attention of both hawks and doves, making the Fed's policy direction this fall full of uncertainty.

A 25 basis point rate cut in September is almost a foregone conclusion, but the situation becomes more complicated afterwards. The ambiguous non-farm report will not change the Fed's tendency to start cutting interest rates at the September meeting.

But it does not provide much clear information about what will happen next - neither does it indicate that a soft landing of the economy is a foregone conclusion, nor does it indicate that the rapid deterioration of the job market requires the Fed to take active measures.

There will be two more employment reports before the November meeting. The June dot plot predicts only one rate cut in 2024, but the September dot plot may show more rate cuts, but it may not be in line with market expectations. October's employment, inflation and economic growth data will be key to determining the next move#美联储何时降息？ #美国8月非农就业人数不及预期 #BTC走势分析 #新币挖矿DOGS