A strong non-farm payroll report does not mean the Federal Reserve will raise interest rates this year. Overall, the May labor market data indicates that employment remains better than market expectations, and there is currently no short-term reason or data to support rate cuts by the Fed; however, the structure still shows no clear risk of accelerated labor market growth, nor will it push inflation into a spiral, so there is no need to overly price in the risk of rate hikes this year. Although non-farm payroll data has been relatively strong since March, in the short term, it only raises the threshold for rate cuts by the Fed this year and does not lead to increased pressure to raise rates. Overall, market concerns about rate hikes have become the main trading theme.