Group 1 - The core point of the article is the release of the U.S. January non-farm payroll report, which shows an increase of 130,000 jobs, surpassing the forecast of 65,000 and the previous value of 50,000 [1] - The U.S. unemployment rate for January is reported at 4.3%, the lowest since August 2025, compared to the forecast of 4.4% and the previous value of 4.4% [2] - The December non-farm payroll figures were revised to an increase of 48,000, and November's figures were revised to an increase of 41,000 [3] Group 2 - The annual benchmark revision indicates a downward adjustment of 862,000 jobs, compared to the forecast reduction of 825,000 [4] - Following the data release, traders reduced bets on a Federal Reserve rate cut, with full pricing now indicating a cut in July rather than June [4] - U.S. stock index futures rose after the report, with the Nasdaq futures up 0.35%, S&P 500 futures up 0.31%, and Dow futures up 0.24% [4] Group 3 - The U.S. Treasury yields rose sharply, with the 10-year Treasury yield increasing by 4 basis points to 4.192% [4] - The U.S. dollar index (DXY) initially surged by 50 points to 97.14 before quickly retreating [4] - Non-U.S. currencies experienced a decline, with the euro dropping over 60 points against the dollar, the pound falling over 70 points, and the yen seeing a near 100-point increase against the dollar [4] Group 4 - Spot gold prices fell nearly $40, with the current price at $5,054.46 per ounce, after reaching a high of $5,100 [5] - Both WTI and Brent crude oil prices increased by over 2% amid geopolitical tensions involving Iran and Israel [7]

Core Viewpoint - The Trump administration's decision to subpoena Federal Reserve Chairman Jerome Powell has intensified pressure on the Fed, with implications for its independence and potential disruptions in the bond market [1][5]. Group 1: Subpoena and Investigation - The Federal Housing Finance Agency (FHFA) Director Bill Pulte is reportedly a key figure behind the decision to subpoena Powell, which is linked to a criminal investigation regarding the Fed's multi-billion dollar headquarters renovation project [1][2]. - Powell has denied that the subpoena is related to his testimony or the renovation project, labeling it a "political excuse" and asserting he will withstand pressure from Trump [1][2]. - The investigation is being conducted by the U.S. Attorney's Office for the District of Columbia, with approval from U.S. Attorney Jenny Pirro, a long-time ally of Trump [2]. Group 2: Political Implications - Trump's allies are concerned that legal actions against Powell could disrupt the bond market and hinder Powell's potential departure from the Fed after his term ends in May [1][3]. - The subpoena has drawn strong criticism from both Democrats and some Republicans, raising questions about the independence and credibility of the Justice Department [4]. - Republican Senator Thom Tillis has stated he will oppose any confirmation of a new Fed chair until the legal issues are resolved, which could delay Trump's nominee [4]. Group 3: Market Reactions - The unprecedented actions by the Trump administration signify an escalation in the long-standing conflict between Trump and Powell, particularly regarding interest rate policies [5]. - Following the news, there was a notable increase in risk aversion in financial markets, with spot gold prices reaching historic highs [5].

Group 1 - The release of US retail data for June led to an increase in US Treasury yields, with the 2-year Treasury yield rising over 3 basis points to 3.934% [1] - Spot gold experienced a short-term decline, with a daily drop of 1%, currently priced at $3313.02 per ounce [1]