[The Fed's December Interest Rate Path Faces Test, Non-Farm Payrolls a Key Variable] Odaily Planet Daily reports that the Federal Reserve last week kept the target range for the federal funds rate unchanged at 3.75%-4.00%, while acknowledging that inflation remains high. The market currently widely expects the Fed to raise rates further in December. Investment analyst Michael Kramer believes that if the October jobs report largely meets expectations and the unemployment rate does not rise significantly, the market's assessment of the Fed's policy path may not change significantly. However, if job growth significantly exceeds forecasts, the unemployment rate falls, and wage growth remains strong, investors may begin to reassess how many more rate hikes the Fed needs and whether the current market assessment of the end of the rate hike cycle is sufficient. MarketWatch statistics show that since January 2025, non-farm payroll data has exceeded market expectations 11 times and fallen short 10 times, with an average deviation of tens of thousands of jobs between the actual data and forecasts.