On November 30, according to Jinshi data, Federal Reserve Chairman Powell will be interviewed at the New York Times DealBook/Summit conference on December 5, and the market is closely watching his statement on the pace of interest rate cuts. Earlier, the minutes of the Federal Reserve's November monetary policy meeting showed that policymakers generally supported a cautious attitude towards future interest rate cuts. Federal funds futures show that the market expects interest rates to fall from the current 4.5% to 4.75% to 3.8% by the end of 2024, an increase of more than 100 basis points from September expectations. U.S. stocks performed strongly this week, with the S&P index recording its largest monthly gain since November 2023. LSEG Lipper data showed that global equity funds received inflows for the ninth consecutive week, with inflows of US$12.19 billion this week, a month-on-month increase of 32%. Sameer Samana, senior strategist at Wells Fargo Investment Institute, said the Fed has begun to question how much easing policies are needed in the economy and labor market. The market will focus on the upcoming non-farm payrolls data, and strong employment data may further weaken the market's expectations for the Fed's rate cut. In addition, the October job vacancy data and the November ADP employment report will also provide important references for judging the state of the US labor market.