Core Viewpoint - The July employment data in the U.S. fell short of expectations, indicating signs of cooling in the labor market, while the focus remains on long-term economic trends and sustainable growth themes such as AI, healthcare innovation, digital economy, and electrification [1] Group 1: Employment Data - July's job additions were significantly below market expectations, with previous months' data also revised downward, reflecting a cooling labor market [1] - Despite cautious hiring by businesses, consumer and corporate balance sheets remain robust, supporting a degree of resilience in the U.S. economy [1] Group 2: Investment Focus - The investment focus is on long-term economic trends and themes with sustainable growth potential, including artificial intelligence, healthcare innovation, digital economy development, and electrification [1] Group 3: Fixed Income and Interest Rates - The current federal funds rate stands at 4.375%, with rising market expectations for interest rate cuts [1] - Taking interest rate risk at the front end of the yield curve may provide diversification benefits for investment portfolios and act as a buffer during stock or credit market volatility [1]