Golden Finance reported that Mike Wilson of Morgan Stanley wrote in a report: "If the employment data weakens from now on, the market is likely to trade in a risk-off tone regardless of whether the Fed's first rate cut is 25 basis points or 50 basis points." Wilson is one of the most famous bears before mid-2024. On the other hand, he said that if the employment situation improves, then by mid-2025, the Fed will cut interest rates by 25 basis points in a row, which may further support U.S. stock valuations.