[Huatai Securities: The Federal Reserve Unlikely to Raise Rates Again in October, Expected to Hike in December Under Baseline Scenario] Jin10 News, October 3 – Huatai Securities pointed out that the September non-farm payroll report fell short of expectations, reducing the urgency for the Federal Reserve to implement consecutive short-term rate hikes. Due to significant monthly fluctuations in non-farm data, the three-month average shows an increase of 51,000 non-farm jobs, which is near the equilibrium employment level. Coupled with the unemployment rate remaining at a low level, this indicates that the labor market is still stable but not overly tight. The weaker September non-farm data, combined with a slowdown in wage growth, has led to a deceleration in real income for September, suggesting that consumer spending may struggle to sustain the strong performance seen in August. Looking ahead, forward indicators such as the NFIB hiring intentions suggest that October non-farm payrolls may remain weak, but a rebound in non-farm data could occur thereafter. Therefore, Huatai Securities believes that the Federal Reserve is unlikely to raise rates consecutively in October, and under the baseline scenario, another rate hike is expected in December.