Although the JOLTS job vacancies in the United States hit a two-year low in June, the ADP data unexpectedly exploded, suggesting that the US labor market is still hot, and the possibility of the Fed raising interest rates in September has slightly increased. The U.S. ADP employment report showed that the number of U.S. private sector employment increased by 324,000 in July, which was expected to be 190,000, which was lower than the increase of 497,000 in June, and wages increased by 6.2% year-on-year. The U.S. economy has performed better than expected, with a strong labor market likely to continue to boost household spending and wage growth slowing in the absence of mass job losses. The U.S. Treasury Department announced its quarterly refinancing plan, increasing the scale of long-term bond auctions for the first time in two and a half years. The latest announced refinancing bond issuance totaled $103 billion, up from $96 billion in the previous quarter. Fitch lowered its rating, and U.S. debt Amid the sell-off, the 10-year U.S. Treasury yield rose to 4.12%, the highest level since November last year.