Please provide a detailed overview of the macro situation for next week The market will fluctuate around three macro data points: CPI inflation data, consumption/PPI data, and the political game of the longest government shutdown in history, This environment tends to be bearish for risk assets, or at least unfavorable for smooth upward movement. 1. October CPI Inflation Report, November 13th (Thursday) At present, the US federal government is in the longest shutdown period in history, Although this may result in a delay in data release, given the extreme importance of CPI for Federal Reserve decision-making and social security adjustments, the market generally expects the Department of Labor (BLS) to most likely still find a way to release this key data, as it did in September. In the past few months, the year-on-year CPI in the United States has been fluctuating within the range of 2.7% -3.0%, with an extremely slow decline and still far from the Federal Reserve's 2% target. At the same time, due to the government shutdown, many other economic data have been delayed or suspended from release. CPI is one of the few transparent data that exists in the black box, and the market's sensitivity to it will be amplified. Against the backdrop of high inflation and fiscal chaos, it is difficult for the Federal Reserve to send a clear signal of interest rate cuts in the short term, which to some extent strengthens the narrative expectation of maintaining high interest rates for a longer period of time. 2. Retail sales in October+PPI November 14th (Friday) Retail sales reflect whether the consumer side, which accounts for 70% of the US GDP, remains strong, while PPI reflects the cost pressure on the production side. As mentioned earlier, retail data in recent months and year-end holiday consumption forecasts indicate that US consumption is slowing down, but far from collapsing. PPI has also remained moderate, with limited cost pressures on the production side and persistent inflation mainly in the service sector. Data that is neither recessionary nor loose will also erode the market's illusion of a significant interest rate cut soon. 3. Government shutdown is also a real major risk in the current macro background noise The shutdown that began on October 1st has exceeded 35 days, becoming the longest in US history. There is still intense competition within Congress, and whether the shutdown can end next week is a major focus of the market. At present, about 750000 federal employees are on unpaid leave due to the shutdown, and several key departments are only operating at a minimum level. In addition, the Senate has rejected multiple proposals to end the shutdown, and the Republican Party is still seeking new voting paths. The harm of a shutdown is not only to create a data black hole that forces the market into a black box, but also to slowly drain the real economy, worsen fiscal expectations, and push up long-term interest rates. In fact, regardless of the outcome, the finance will not be more conservative, and there are only two paths in front of Lao Te's conquest: -Reaching an agreement quickly means increasing additional spending or subsidies, further pushing up future fiscal deficits -Continuing to procrastinate, GDP will suffer a heavy blow in the short term, and politicians will use more stimulus policies to make up for it in the future From the perspective of long-term interest rates, these two paths both point to the same end point. The loose fiscal discipline of the United States leads to an increase in the risk of long-term treasury bond, which ultimately leads to a systematic rise in interest rates. From the current perspective, in this high discount rate environment, it is difficult for the cryptocurrency market to provide higher valuations for high growth and high beta assets. The rise of tokens will rely more on the industry narrative of the project itself and the internal fund rotation of the cryptocurrency system, at least at the macro level, which is no longer helpful.