[June Nonfarm Payroll Data May Cool Down, Market Expects 110K New Jobs, Fed Policy Path in Focus] BlockBeats News, July 2: At 8:30 PM Beijing time tonight, the U.S. will release the June nonfarm payroll report. The market generally expects 110,000 new nonfarm jobs in June, lower than May's 172,000. The unemployment rate is expected to remain at 4.3%, with average hourly earnings rising 0.3% month-on-month. The market is focusing on two core questions regarding the June data: First, whether the labor market continued to tighten after May; second, whether May's strong performance was influenced by one-off factors, particularly the short-term labor demand driven by the World Cup. This will directly impact interest rate expectations. The U.S. labor market has stabilized, reducing the necessity for the Federal Reserve to continue cutting rates. Unlike last year's rate-cutting measures, financial markets currently broadly expect the Fed to raise rates at some point this year to address inflationary pressures. However, if employment unexpectedly weakens, this expectation could quickly reverse. If employment data exceeds expectations, the market may further lower rate-cut expectations or even price in the possibility of a rate hike, putting pressure on high-valuation assets like tech stocks. Conversely, if the data is significantly weak, it could boost rate-cut expectations but also raise concerns about U.S. economic growth and corporate earnings prospects. The market is also closely watching the performance of assets such as the U.S. dollar, U.S. Treasury yields, and the Japanese yen exchange rate.