According to Odaily Planet Daily, Huatai Securities' fixed income research indicates that the current situation in the United States suggests downside risks to job growth, and shifts in the risk balance may require policy adjustments. Following Powell's speech, market trading favored an easing Fed, raising the probability of a soft landing in US fundamentals. Asset prices rose across the board, with the exception of the US dollar. Looking ahead at the path of monetary policy, the Fed is expected to lean towards easing. A 25 basis point rate cut in September is the baseline scenario, and the probability of two 25 basis point rate cuts in the fourth quarter is likely higher than one. Further considering the Trump administration's influence on the Fed, the magnitude of this easing cycle may exceed market expectations. (Jinshi)