#美国就业数据表现强劲超出预期 The sentiment around the Fed chair nomination has shifted, and the most敏锐 market participants immediately started betting on rate cuts. Once this expectation forms, the reactions across various asset classes resemble dominoes, interconnected and sequential.

Let's first look at the US dollar, whose lifeline is interest rates. When rate cut expectations emerge, holders of dollar assets begin to consider whether they should change their stance, and the US dollar index is likely to come under pressure. Converting to foreign currencies and importing goods become more cost-effective logically.

Gold markets are getting lively. Since gold itself does not generate interest, a rate cut means the "cost" (opportunity cost) of holding gold decreases. Coupled with a weakening dollar, which acts as a catalyst, gold priced in dollars naturally rises. Gold has previously tested high levels repeatedly; with this expectation, further upward movement is quite possible.

Tech stocks and growth stocks benefit directly. Lower borrowing costs open up valuation space for these capital-intensive companies. Plus, with ample market liquidity, investors' appetite for risk assets increases, and the overall trend of US stocks should be upward.

The bond market's logic is more straightforward—yields and prices move inversely. Under rate cut expectations, existing high-yield bonds become "hot commodities," with prices rising and yields falling. Short-term US Treasuries will be more sensitive to fluctuations.

Cryptocurrencies are also inevitably caught up. $BTC and Ethereum-like tokens are highly sensitive to liquidity. When easing expectations emerge, speculative capital floods in, and short-term gains could be significant. But it’s important to note that this is mostly driven by sentiment; if rate cuts do not proceed as expected, reversals can happen quickly.

Ultimately, all of this is based on the "hearing the wind and believing the rain" principle. Whether the Fed will cut rates and by how much depends on the new chair’s policy stance, and US inflation and employment data are also key factors. If subsequent data does not support rate cuts, this rally is likely to be a temporary rebound, and a correction back downward would not be surprising.