贝莱德: Non-farm Payrolls Mean the Fed Should Maintain Status Quo, Macro Narrative Now Dominated by AI Theme

Jeffrey Rosenberg, portfolio manager at BlackRock, stated that there is a "trade-off" between strong non-farm payroll data and weak hourly wage growth. From a broader perspective, this report actually did not signal any major changes, and for the Federal Reserve, it remains "status quo."

On a more macro level, current macroeconomic data has become "dominated by the AI theme." "When we look at GDP data and spending, the driving factor is no longer primarily consumption but rather capital expenditure. And when we look at financial markets, what truly matters is more the impact brought by AI." (Jin Shi)