TD Securities: Initial claims data is very positive and will continue to see pricing for a September Fed rate cut fall

Gennadiy Goldberg, head of U.S. interest rate strategy at TD Securities, believes that the initial claims data is very positive for the market as a whole. It reinforces the fact that the growth momentum of the labor market has not slowed down as reflected in the non-farm payrolls report, and also reinforces that there have been no very obvious layoffs in the economy. It confirms that we see the rise in unemployment due to the entry of new labor force, not a large number of layoffs. For the market, the initial claims data is quite encouraging. In the absence of contrary data, we will continue to see the pricing of the September rate cut decline and the yield rise. (Jinshi)