After the latest non-farm payroll data was released, the pricing logic in the US bond market changed rapidly. Prior to the data release, the market's expectations for interest rate cuts had almost completely disappeared; however, with the report coming out, front-end yields fell sharply, and the expectations for rate cuts were instantly reignited.

Market focus is now shifting to the inflation data for July and August, which will be a key factor in determining the direction of Federal Reserve policy. It is worth noting that the likelihood of a rate cut in September has significantly increased.

For investors, it is currently not advisable to blindly short at low levels. A wise approach is to wait for a rebound before taking action. Aggressive investors may consider operating above the 3520 level, while relatively conservative investors can make decisions around the 3570 level. The target price can be set at 3350, and if a breakout occurs, it may directly drop to the 3200 level.

The current market environment is complex and changeable, and investors need to closely monitor US economic data and policy trends, as well as the global macroeconomic situation, to make prudent investment decisions.