Guotai Junan Securities: The July US employment data may not be enough to change Powell's hawkish stance.

Guotai Haitong Research Report stated that the US non-farm payroll in July fell short of expectations, with significant revisions to the data for the previous two months, while the unemployment rate only slightly increased. Guotai Haitong believes that the impact of Trump's immigration policies on the employment market has been gradually increasing since May, and that the expulsion of immigrants will significantly hinder non-farm payroll growth, but have a smaller impact on the unemployment rate, which may be the key to the divergence between the unemployment rate and non-farm payroll growth. Looking ahead, the employment data for July may not be enough to change Federal Reserve Chairman Powell's hawkish stance.