US non-farm payrolls have skyrocketed! The Fed has another reason to raise interest rates! The US added 165,000 non-farm jobs in October, far exceeding market expectations of 65,000, and the unemployment rate fell from 4.2% to 4.1%. Despite such a strong job market, inflation remains stubbornly high. The US PCE inflation rate is still as high as 3.6%, nearly double the Fed's 2% target. With strong employment and high inflation, the Fed has little reason to rush into cutting interest rates; instead, it has more room to maintain high rates and even continue raising them. This is slightly positive for the US dollar in the short term, and slightly negative for gold, Bitcoin, and US growth stocks. The scenario the market least wants to see is unfolding: the economy has not cooled significantly, but high interest rates may persist for much longer.