According to CoinMeta, the number of people filing for unemployment benefits in the United States at the beginning of the week on August 1 was 199,000, which is lower than the expected 202,000. The previous figure was revised from 197,000 to 198,000. The lower-than-expected initial unemployment claims and the maintenance of such a low level directly prove that the demand for labor in the U.S. market is extremely strong. This tight job market environment supports wage growth, which in turn exacerbates the stickiness of core inflation. Faced with such robust employment data, the Federal Reserve must maintain high interest rates to prevent the economy from overheating. The market's illusions about a short-term interest rate cut have been completely shattered, and the high-interest-rate environment will continue for a longer period.