Group 1 - The core viewpoint of the article highlights the unexpected decline in U.S. non-farm employment data for July, which contrasts sharply with previous optimistic market expectations, leading to increased speculation about potential interest rate cuts by the Federal Reserve [1][3] - The July non-farm employment figures showed an increase of only 73,000 jobs, significantly below the market expectation of 110,000, marking the lowest increase in nine months. Additionally, the combined revisions for May and June resulted in a downward adjustment of 258,000 jobs, the largest revision since the pandemic began [3] - Federal Reserve Chairman Jerome Powell's recent speech at the Jackson Hole global central bank conference indicated a dovish stance on interest rates, further fueling market expectations for a potential rate cut [1][3] Group 2 - The article discusses the implications of potential interest rate cuts on investment opportunities, particularly focusing on U.S. dollar-denominated bonds. It suggests that if a rate cut occurs in September, U.S. Treasury bonds and dollar bonds are likely to benefit [4][8] - The relationship between interest rates and bond prices is emphasized, noting that a decrease in interest rates typically leads to an increase in bond prices. Historical data from previous rate-cutting cycles shows that dollar bond indices generally performed well, with notable gains during most periods except for the 2008 financial crisis [4][6] - The article also compares U.S. Treasury bonds and Asian dollar bonds, indicating that Asian dollar bonds generally offer higher yields and are more suitable for investors seeking greater returns and who have a higher risk tolerance [10]