Huatai Securities: May non-farm payrolls exceed expectations, boosting the necessity of interest rate hikes.

Huatai Securities research report pointed out that the May non-farm data exceeded expectations, confirming Huatai's previous judgment that under high growth, employment, and inflation, the Fed may maintain interest rates unchanged within the year and may need to raise interest rates in 2027. The better-than-expected May US non-farm data indicates strong job demand, partly boosted by the World Cup and holidays; by industry, the service and goods sectors both maintained net growth, while the government sector rebounded significantly. Specifically