According to CoinMeta, the unemployment rate in the United States in July was 4.1%, lower than the expected value of 4.2% and the previous value of 4.20%. The unexpected decline in the unemployment rate indicates that the supply and demand in the labor market are still in a tight balance. This data dispels market concerns about a rapid deterioration of the employment situation and strongly supports the logic of a soft economic landing. The Federal Reserve now has more confidence in its policy-making, and the necessity of maintaining high interest rates has increased accordingly. Market expectations for aggressive interest rate cuts in the short term have been revised, and asset prices will be re-priced to reflect a longer-term tightening environment.