Core Viewpoint - CITIC Securities predicts that the Federal Reserve will lower interest rates again in the September meeting due to ongoing weakness in the U.S. labor market [1] Employment Market Analysis - The non-farm payroll report for June indicates that the U.S. job market continues to weaken, with the unemployment rate at 4.1%, which is lower than expected [1] - Despite the lower unemployment rate, CITIC Securities believes that the labor market has limited "buffer" capacity, suggesting that the unemployment rate may rise more quickly in the future [1] Federal Reserve Outlook - The current unemployment rate provides Federal Reserve Chair Jerome Powell with more reasons to observe the impact of summer tariffs on inflation [1] - The expectation is maintained that the Federal Reserve will implement another rate cut in the upcoming September meeting [1]