Core Points - The article discusses significant upheavals in the U.S. financial market, including the resignation of Federal Reserve Governor Cooke, the firing of the Labor Statistics Bureau chief, and a drastic revision of non-farm payroll data, indicating a potential economic downturn [1][3][4] Group 1: Non-Farm Payroll Data - The U.S. Labor Department reported only 73,000 new jobs added in July, significantly below the expected 110,000, and revised down the previous two months' data by 258,000 jobs, suggesting a severe underperformance in job creation [3][4] - This situation has led to a loss of credibility in U.S. employment statistics, with the Atlanta Fed President acknowledging a potential overall economic weakness [3] Group 2: Federal Reserve Power Struggle - The sudden resignation of Cooke, a Biden-appointed governor, raises concerns about internal conflicts within the Federal Reserve, especially as two Trump-appointed governors voted against immediate rate cuts for the first time since 1993 [4] - Trump's call for Powell to resign indicates a broader political maneuvering aimed at exerting control over the Federal Reserve, which could lead to significant shifts in monetary policy [4][5] Group 3: Market Reactions and Predictions - Following the non-farm data release, the probability of a rate cut in September surged from 38% to 90%, with Goldman Sachs predicting three rate cuts within the year [5] - The capital markets reacted sharply, with the stock market losing over $1 trillion in value, and the dollar index dropping by 1.37%, while the 10-year Treasury yield fell by 3.23%, indicating a flight to safety [5][6]