The prospect of a rate cut in the United States will be delayed, and the prices of U.S. Treasury bonds and the value of emerging economies have fallen. At the close of the U.S. stock market on the 23rd (local time), the 10-year U.S. Treasury bond rate rose by 0.06 percentage points from the same period the previous day. The two-year Treasury bond rate, which is sensitive to monetary policy, rose by 0.07 percentage points to 4.94% per year. Bond interest rates have risen. After the release of the S&P US Purchasing Managers' Index (PMI) for May, financial market interest rate expectations were lowered. The U.S. Reserve PMI was 54.8, far exceeding the Dow Jones forecast (51.6). This is the highest level in two years since April 2022. The manufacturing PMI restraint also exceeded expectations (50.0), at 52.4. If the PMI is above 50, economic expansion means economic contraction. In other words, despite the high interest rates maintained by the Federal Reserve, the economy is expanding faster than expected. #and