A series of recent 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 from the previous month. This figure is an important reference for the Federal Reserve's upcoming decisions. It is worth noting that the Fed Chair previously stated that policy settings would stabilize the unemployment rate, or "increase by at most one or two percentage points." Based on the latest data, the current employment situation has partially validated the rationale behind previous rate cuts, but whether to continue cutting rates in January remains uncertain—the data is not yet sufficiently clear.

There have been new developments in personnel. The US Treasury Secretary revealed that this week there will be one or two rounds of interviews for 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 is also plenty of news on the fiscal front. Each US household may receive $1,000 to $2,000 in tax refunds, with an estimated refund scale of $100 billion to $150 billion in the first quarter of next year—this could become a new liquidity driver for the market. On the government level, Trump will deliver a nationwide speech on Thursday, which may reveal more new year policy signals. These policy directions directly impact the macro liquidity environment and trigger chain reactions in asset price expectations.