According to the news from Bijie.com, on January 10, Jack Mcintyre, portfolio manager of Brandywine Global, said that the strong performance of the November non-farm report made people doubt whether the Federal Reserve would further cut interest rates in the first half of 2025. The December non-farm report provided further evidence to the Federal Reserve: 1. They made a policy mistake when they cut interest rates by 100 basis points at the end of last year; 2. They will become more cautious in implementing future interest rate cuts. The longer the Fed pauses, the more likely it is that the next move will be to start raising interest rates. The labor situation is important, but the most critical variable for the Federal Reserve and the market is inflation. Next week's CPI data will be even more important.