According to Jinshi, CICC Research Report stated that the US non-farm data in December was robust, the unemployment rate was still very low, and the labor participation rate showed signs of peaking. The fastest recovery of the labor supply may have passed. The fastest supply chain repair may have passed. The recent Red Sea navigation safety issues may increase supply chain risks. These changes may increase the uncertainty of US inflation. If supply factors cannot be further improved, inflation resilience will be stronger. The Fed's early interest rate cut may lead to a rebound in demand, which may pose a risk of "secondary inflation". Inflation uncertainty will increase the variables of monetary policy. The Fed is reluctant to make too many promises on interest rate cuts, and investors should also be more cautious about expectations of interest rate cuts.