[Dallas Fed Warns Federal Reserve May Misjudge Job Market, Risks in Rate-Cut Policy] The Dallas Federal Reserve has released its latest report, pointing out that the Federal Reserve and most economists may have severely misjudged the current state of the job market. The report emphasizes that failing to correctly interpret the real changes in the labor market—especially the impact of the Trump administration's strict policies on illegal immigration on labor supply—could lead to policy errors if the Federal Reserve cuts rates too quickly amid high inflation. Data shows that since the Trump administration took office, at least 300,000 immigrants have 'voluntarily departed,' coupled with the number of immigrants forcibly deported, which has significantly impacted the labor market. Compared to the previous situation of large-scale immigration influx, the current labor supply has undergone significant changes, and traditional methods of job market analysis may not accurately reflect this shift.