Non-farm data exceeded expectations, and the expectation of interest rate hikes has heated up again. Huatai's judgment is quite solid.

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CoinWorld News reports that Huatai Securities' research report states that in May 2026, the US added 172k non-farm jobs, higher than Bloomberg's consensus expectation of 85k.
The first two months' figures were revised upward by 93k.
The May unemployment rate and labor force participation rate remained at 4.3% and 61.8%, respectively, both in line with expectations.
Hourly wage growth on a month-over-month basis increased marginally by 0.1 percentage points to 0.3%, and year-over-year it declined by 0.2 percentage points to 3.4%, both in line with expectations.
Weekly working hours remained at 34.3 hours.
The significant increase in non-farm jobs in May greatly exceeded expectations, well above the equilibrium level of 0–50k, and the unemployment rate was also relatively low.
Market pricing for a Federal Reserve rate hike within the year has significantly heated up.
Huatai Securities maintains the view that the Federal Reserve will keep interest rates unchanged in the second half of the year and may need to raise rates next year.
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