Inflation data: 1. The core commodity data most affected by tariffs is starting to decline, and the results of moderate tariffs are currently moderate; 2. Core services mainly benefit from the slowdown in rent Employment data: The decline in non farm employment from August to October is mainly due to government employment (DOGE's buyout contract at the beginning of the year has only now been excluded from employment) 2. The unemployment rate is not as bad as it seems, because part of the reason for the increase in unemployment rate is the rise in the number of employed people in the statistical caliber, which is driven by an increase in supply. The increase in unemployment rate driven by the decrease in general demand will lead to the expectation of a significant interest rate cut. Conclusion: http://1.xn--mxtq1m I don't know the accuracy of the data during the shutdown period 2. The inflation data currently does not support further significant interest rate cuts, and a significant interest rate cut depends on the weakening of employment data. But the current employment data is not weak enough; 3. Hassett's shouting must have some political color, so for the time being, it is still a short-term emotional repair; The benchmark situation for 4.2026 trading is driven by loose liquidity, not loose interest rates Fuzzy time+fuzzy data=fuzzy win rate. During the Christmas to Spring Festival period, Chinese and foreign women take turns taking vacations. Without unexpected data, there will be no unexpected purchasing power, and it is not a data worth trading.