After the release of the non-farm payroll data, the market has basically stopped expecting that The Federal Reserve (FED) will cut interest rates in July. The likelihood of a rate cut has significantly decreased, and it can be said that there is almost no hope left.

In comparison, the possibility of a rate cut in September has slightly decreased, but it still exists, with about a 70% probability. However, we cannot let our guard down, as there is still a 24% chance that there will be no rate cut, indicating that there is still divergence in the market's outlook for the future.

Overall, this data mainly breaks the market's optimistic expectations for a rate cut in July, but whether there will be a rate cut in September will continue to depend on subsequent economic performance. The current expectations are still relatively rational and moderate.

From another perspective, if the interest rate cut is delayed a bit, it may not necessarily be a bad thing for the market. A slower pace could actually help maintain the current upward trend and extend the duration of the market's bull run.
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