It is normal for the market to panic when non-farm data is suddenly revised down to decimal levels.

After all, the U.S. stock market and cryptocurrencies like Bitcoin and Ethereum had risen too much recently, and there was already a demand for price corrections; this abnormal data just provided an excuse for the market to collectively vent its emotions.

However, from the significant drop in U.S. Treasury yields, it appears that the current situation is merely emotional panic, and the recession trade has slightly picked up, but its underlying logic does not hold. The passage of the big beautiful plan and the implementation of tariffs clearly show that the U.S. economic fundamentals are better than in April;

Even if re-industrialization is difficult to achieve, looking solely at the short-term comparison, the fundamentals in August are better than in April, and since April did not experience a recession, August certainly will not.