On August 24, CICC commented on Federal Reserve Chairperson Powell Jackson Hole's remarks: 1. It is basically clear that DingTalk on the September interest rate cut board is in line with expectations. CME interest rate futures include a 76% probability of a 25bp interest rate cut in September and a 24% probability of a 50bp interest rate cut. 2. The Federal Reserve shifted its focus from prices to employment, essentially declaring victory in the fight against inflation (saying that inflation expectations had been well anchored), and assessed the labor market as no longer overheated, balanced, and rising risks. 3. Without mentioning how much future interest rate cuts will be, it still depends on the data. A 50bp rate cut is not realistic at present, at least it depends on next month's non-farm data. Powell also does not believe that the rise in unemployment is a deterioration in the job market, arguing that it is mainly due to more people entering the labor market and a slowdown in hiring. The attitude towards the job market is: observation and vigilance.