CITIC Securities: Non-farm data leads to market reevaluation of the US Fed policy path, the US Fed may maintain interest rates unchanged within the year.

CITIC Securities pointed out that in May 2026, the unemployment rate in the United States was 4.3%, which was in line with expectations; the increase in non-farm employment exceeded expectations, with the leisure and hospitality industry making the main contribution. The previous value was revised upwards, and the contribution of the births-deaths model was lower than the same period last year. This non-farm data did not have too many one-off factors disturbing it.