Last week, two major data exceeded expectations, and the market no longer believes that the Federal Reserve will cut interest rates this week

Last week, the U.S. manufacturing ISM and non-farm employment data exceeded market expectations, showing no signs of economic paralysis. The strong ISM manufacturing index and employment data led to a significant reduction in market expectations for a rate cut by the Federal Reserve, with the likelihood of a rate cut in June dropping from 75% to 38%, and the odds for a rate cut in July also decreasing by nearly half, with current expectations for a rate cut this week almost at 0