一场财富大转移，开始了！

Core Viewpoint - The article suggests that a new wealth cycle in the capital market may have begun, driven by recent disappointing U.S. employment data and its implications for the economy [2]. Group 1: U.S. Employment Data and Market Reaction - The recent U.S. non-farm payroll data fell short of market expectations, with previous employment figures revised down significantly by 90%, leading to a collapse in market confidence regarding the U.S. economy [3][6]. - Global stock markets experienced a collective plunge, with European markets dropping over 2% and the U.S. Dow Jones falling over 600 points [4][6]. - The downward revisions of employment data for June and May were drastic, with June's figures adjusted from 147,000 to 14,000 and May's from 125,000 to 19,000, indicating that only 10% of the reported data may be accurate [11][12]. Group 2: Market Dynamics and Capital Flows - The article posits that the capital markets in East Asia (referred to as "东大") are increasingly decoupling from U.S. dollar assets, allowing them to react independently to U.S. economic news [19][24]. - Despite the global panic triggered by the U.S. employment data, East Asian markets saw a rebound, with the Shanghai Composite Index rising by 23 points and the Hang Seng Index increasing by 225 points [16][18]. - The article emphasizes that the East Asian capital market is preparing for a potential decoupling from U.S. policies, which could lead to a unique market trajectory [20][25]. Group 3: Future Projections and Federal Reserve Decisions - The sustainability of the current market rally in East Asia is contingent upon the Federal Reserve's decisions, particularly regarding interest rate cuts [28][30]. - Market expectations for a rate cut in September have surged from 39% to 77%, indicating a significant shift in sentiment [38]. - If the Federal Reserve chooses not to cut rates in September, it could mark the end of the current rally, while a rate cut could trigger a substantial shift of capital from dollar assets to non-dollar assets, including precious metals and East Asian markets [33][35][46].