TD Securities believes that two Federal Reserve officials support a rate cut in July, but most members are not yet prepared. TD Securities stated that it may take a significant shortfall in the June employment report to be released on Thursday before triggering a rate cut. If the unemployment rate surges from 4.2% in May to the Federal Reserve's year-end forecast of 4.5%, loose policies may arrive earlier. Although TD is not expected to have such a significant increase, its risk is not low. PS: Both of the two Fed directors who supported the interest rate cut in July were promoted by Trump, and one of them is one of the candidates for the chairman of the Federal Reserve.