In May, 172,000 new non-farm jobs were added, exceeding expectations. Employment growth in the past three months hit a new high in more than two years, and the unemployment rate remained at 4.3%. The hawkish camp within the Federal Reserve has grown, and the market has fully priced in an interest rate hike within the year, with the probability of a December rate hike soaring. Warsh is facing a big test for the first time. There is a high probability that the June meeting will remain unchanged but his words will be hawkish, retaining the option of raising interest rates. Gold plummeted nearly $100, and U.S. bond yields rose across the board.