Last night, the ADP non-farm payrolls missed expectations, and tonight's initial jobless claims were slightly higher than expected. The market anticipates the labor market will continue to weaken. Coupled with Waller's statement leaning toward holding steady in September, market sentiment is optimistic. This ties back to what I mentioned in the last part of today's earlier post: On the trading side, if the non-farm payrolls miss expectations and the labor market continues to weaken, it will naturally boost confidence and drive a rebound. However, the key focus remains next Friday's August CPI data. Even Waller left room for flexibility in his speech: He explicitly stated that the August CPI and PPI data, to be released by the Bureau of Labor Statistics next week, will be critical in determining his final vote. If August inflation data shows a rebound, indicating setbacks in progress toward the 2% target, he won't rule out supporting a 'small adjustment' in interest rates to ensure inflation returns to a downward trajectory.