Friendly reminder, the market style will change in the next month.

Last Friday, Powell hinted at a shift, not only suggesting a turn but also adjusting views on employment and inflation, paying more attention to whether a sudden drop in employment could lower inflation risks.

If a rate cut is confirmed in September, the previous market logic will change from a recessionary rate cut to a preventive rate cut (similar to Greenspan's style, which is a noticeable shift from Powell's cautious and lagging style). The capital market will pay more attention to changes in fundamental risks, and measures should be taken to respond accordingly.

Currently, the pricing of trading rate cuts has already occurred, so when changes in employment and other data arise, be mindful of changes in market trading logic, switch your thinking, and do not stick to previous market logic. This part should be understood with emphasis.

Appendix: The importance of data from late August to September: Non-farm payroll data > Nvidia earnings report > PCE, CPI