[Huatai Securities: The Federal Reserve is unlikely to raise interest rates consecutively in October, with another hike expected in December under the baseline scenario] According to Jintou News, Huatai Securities pointed out that the September non-farm payroll report fell short of expectations, reducing the urgency for the Federal Reserve to raise interest rates consecutively in the short term. Due to significant monthly fluctuations in non-farm payroll data, the three-month average shows an increase of 51,000 jobs, which is near the equilibrium employment level. Coupled with the unemployment rate remaining at a relatively low level, this indicates that the labor market is still stable but not overly tight. The weakening of September's non-farm payrolls, 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-looking indicators such as NFIB hiring intentions suggest that October's non-farm payrolls may remain weak, but could rebound thereafter. Therefore, Huatai Securities believes the Federal Reserve is unlikely to raise interest rates consecutively in October, with another hike expected in December under the baseline scenario.