Due to the strong non farm payroll data on Friday, it represents that the resilience of the US economy is still strong. The market has readjusted its expectations for the Federal Reserve to cut interest rates. The probability of not cutting interest rates in June has increased from 35% yesterday to 64%. The market no longer expects the Federal Reserve to initiate interest rate cuts against the backdrop of no substantial economic downturn, and has reduced the expectation of four interest rate cuts in 2025 to three. The first interest rate cut in 2025 is expected to be in July.