Zhongjin Securities: Non-agricultural cooling supports the Fed not raising interest rates or lowering interest rates.

A research report from CICC pointed out that the employment data has given the Federal Reserve and other institutions time to wait and observe, thus maintaining the judgment that there will be no interest rate increase or decrease this year. In the medium term, the improvement in US employment this year is more driven by AI investment promoting economic recovery, rather than short-term factors such as the World Cup. This means that if the overall demand in the economy continues to expand under the influence of AI, there is a possibility that the Federal Reserve may restart interest rate increases next year.