Huatai Securities: Maintaining the judgment that the Federal Reserve will cut interest rates preventatively in September and December.

Huatai Securities stated that the better-than-expected June non-farm data has further reduced the probability of a rate cut by the Federal Reserve in July. However, considering the drag on third-quarter job growth due to tariffs and slower immigration, we maintain our judgment that the Fed will make two precautionary rate cuts between September and December.