In November, the U.S. adjusted non-farm employment rose by 227,000, exceeding the expected 200,000, with the previous value revised up from 12,000 to 36,000. The unemployment rate in the U.S. in November was 4.2%, in line with expectations, and the previous value was 4.10%.

After the non-farm data was released, the likelihood of the Federal Reserve cutting interest rates in December increased from 67% to 85%.

Currently, the expectations for a rate cut by the Federal Reserve in December have been fully priced in, with the main debate surrounding its rate-cutting outlook focused on next year.

The market generally expects the Federal Reserve to cut rates in December, but subsequently, the Fed is expected to skip rate cuts in January, March, and May, before potentially cutting rates again in June or July.

However, the CPI data to be released next week could become an obstacle for a rate cut in December. If there is a significant monthly increase in the CPI data again, then "the Federal Reserve may find it difficult to maintain the rate cut."