The Fed's Beige Book is probably the most important basis for economic judgment before the FOMC meeting. Early this morning, the release of the Fed's Beige Book further supported the market's short-term dovish trading expectations. Key points from the Beige Book: 1) Employers in half of the twelve Federal Reserve districts have reduced their hiring intentions. The recent end of the U.S. government shutdown and the application of AI are putting pressure on job seekers' prospects. More companies are limiting headcount through hiring freezes, replacement-only hiring, and natural attrition. 2) The K-shaped divergence among consumers is intensifying. High-income consumers in multiple districts are maintaining resilient spending, but middle- and low-income households are "tightening their belts." Overall consumer spending continues to decline, but the market shows a clear polarization trend. 3) Rising tariffs and healthcare costs are driving up business expenses, potentially exacerbating inflation concerns. The Fed's Beige Book paints a picture of: Weakening employment, K-shaped divergence in consumption with increasing pressure on middle- and low-income groups, and persistent underlying inflation concerns. It’s clear that recent dovish expectations for the Fed are dominating, and this Beige Book has likely played a significant supporting role. Last night, both U.S. stocks and the crypto market performed well. The core logic remains the same as mentioned yesterday: easing trades driven by rate cut expectations should continue until early December. Of course, the turning point occurred last Friday night. This post is sponsored by meme trading tool http://(xxyy.io) ｜ Fast trading, rich features, monitor on-chain wallets with @useXXYYio