Just now, the ADP small non-farm payroll data was released at 22,000, lower than the previous value of 41,000 and the expected value of 48,000. Additionally, the previous value was revised down from 41,000 to 37,000. Since the partial government shutdown has delayed this Friday's major non-farm payroll report, we can only use the small non-farm payroll data as a reference. If the labor market cools at this pace, the Fed will find it difficult to maintain high interest rates or an aggressive quantitative tightening (QT) stance. In that case, the quantitative tightening expectations brought by the nomination of Waller could be reversed, and the market might start pricing in earlier and larger rate cuts to prevent the economy from shifting from a 'soft landing' to a 'hard landing.'