1. The deficit issue should not have relied on D O.G.E.2. The effect of layoffs is a "long-term concern" rather than a "short-term worry" Moving on to layoffs, in fact, D O. The impact of G.E's layoffs has not yet fully affected the market. Currently, the number of affected federal employees may exceed 100000: ① direct layoffs (around 10000) ② buyout plans (75000) ③ reduction of probationary federal employees (22000). At the beginning of the year, the most panicked "2 million buyout plan" in the market attracted the most attention from traders, and the plan will continue to pay salaries for 8 months. Non farm employment NFP is a 'corporate survey', which means that as long as it is still on the payroll, it must be included in the statistics. This means that the impact of DOGE layoffs will not be seen until at least September 30, 2025, when they are removed from the payroll, in order to see their true effect. Therefore, the layoff effect of DOGE is only a "long-term concern" rather than a "short-term worry", and the NFP and unemployment rate are still relatively stable in the near future.