Recent series of US economic data and policy signals are worth paying attention to. The November employment report shows the unemployment rate rising to 4.564%, an increase of 12 basis points month-on-month in November. This figure has important reference significance for the Federal Reserve's upcoming decisions. It is important to note that the Fed Chair previously stated that policy settings would stabilize the unemployment rate, or "at most increase by one or two percentage points." From the latest data, the current employment situation has partially validated the reasonableness of previous rate cuts, but whether to continue cutting rates in January remains uncertain—data is not yet sufficiently intuitive.

There are new developments in personnel matters. The US Treasury Secretary revealed that this week there will be one or two rounds of interviews for the Federal Reserve Chair candidates. Trump has always been frank about policy issues during these meetings. Currently, both candidates are rated as "highly qualified," and the final selection is expected to be announced in early January.

There are also many news on the fiscal side. Each US household may receive a tax rebate of $1,000 to $2,000, and it is estimated that there will be a tax rebate scale of $100 billion to $150 billion in the first quarter of next year—this could become a new liquidity driver for the market. At the government level, Trump will deliver a national address on Thursday, which may reveal more new year policy signals. These policy directions directly affect the macro liquidity environment and have a chain reaction on asset price expectations.