Tonight's US CPI data is just the prelude; the real financial blockbuster is just about to begin. The market trend this week, frankly, depends on how the next five consecutive events unfold—they will directly rewrite market expectations for inflation and interest rates, thereby influencing the entire crypto space and even the global financial markets.

First, let's talk about how painful the non-farm payrolls report is. On January 9, the US December non-farm employment data was released, showing only 50,000 new jobs, far below market expectations, and the previous two months' data were also sharply revised downward. On the surface, the unemployment rate dropping to 4.4% seems decent, but behind it reflects a clear lack of momentum in the employment market. The market's reaction was very direct: the probability of the Fed cutting interest rates in January plummeted from previous expectations, now less than 5%, and the first rate cut expectation has been pushed back to mid-year.

There's also a detail worth pondering—short-term inflation expectations have fallen to a new low of 4.2%, while long-term inflation expectations have rebounded to 3.4%. The contradiction between these high and low figures suggests that the Fed's upcoming policy path may be more tangled and prolonged than previously imagined.

Following that, the earnings season kicked off on January 13 with JPMorgan, and then major financial giants like Wells Fargo and Goldman Sachs will also reveal their results one after another. This is not only a year-end health check for these institutions but also a key mirror for market observation of consumer power and tech demand. Crypto investors should keep a close eye on these earnings reports, as they directly influence capital flows and market sentiment shifts.