Soochow Securities pointed out that although the increase in non-farm employment is declining, the rate of decline in wages seems to be 'not so remarkable'. For the Fed, it needs to 'kill two birds with one stone' on both inflation and employment, rather than just focusing on employment. Unless the Fed ensures that inflation will not continue and has already entered a downward trend, the probability of interest rate cuts is low. Moreover, considering that the current observation time window for the Fed's confirmation of inflation changes has been extended, it is very likely that the time will be extended from the previous three months to four to six months-because since 2023, there have been more than one occurrence of inflation slowing down for two to three months and then speeding up again.