After the employment data was released, traders still insisted on betting on two interest rate cuts in 2026.

Although the initial market reaction to the non-farm payrolls and retail sales data has softened, traders still firmly believe that the Federal Reserve will cut interest rates twice in 2026. Due to the government shutdown, the delayed release of employment data has many limitations, which has also dampened the optimistic sentiment about last month's better-than-expected job growth. However, these data have not become obstacles to the current market expectations of rate cuts, with market expectations being more dovish than the Fed's own stance.