According to ADP data the day before yesterday, employment fell sharply. This data satisfied the needs of the Federal Reserve and thus promoted the rise in risk markets. However, I also mentioned yesterday that non-agricultural data, whether good or bad, is considered unfavorable data, but small non-agricultural data indicates that the future may be worse, because the decline in employment will lead to a decline in the US economy. But today's non-farm payrolls data is considered bad now because it doesn't satisfy the Fed's need to cool the labor market. However, in the long run, these data are still in line with the development trend of the U.S. economy, which is one step away from recession, but the motivation to raise interest rates and maintain high interest rates has strengthened.