The market's face changes faster than flipping through a book.

Just a few days of effort? The hope for a rate cut in December has plummeted from 70% to 35%, almost halving. Who is to blame? The officials of the Federal Reserve took turns to adopt a hawkish stance—Governor Waller's remark "not in a hurry to take action" was like a cold shower, directly extinguishing the loosening fantasies that everyone had just ignited. Other officials also chimed in, leaving the market stunned in an instant.

Everyone is now waiting for the delayed September non-farm payroll report at 21:30 tonight. This data was postponed due to the government shutdown and has now become a "judgment" for both bulls and bears. The previous ADP employment data has already hinted that the labor market is still holding up; if tonight's non-farm data shows a strong performance, then the December rate cut would basically be off the table, and there might even be a need to revisit the topic of whether the "rate hike cycle has actually ended".

But what if the data is weak? Then the doves will turn around immediately, and their voice will come back in an instant.

Don't be fooled by those long-term predictions — right now, this market only recognizes data. The internal divisions within the Federal Reserve are greater than seen since the Cold War, and the reassessment of policy paths has just begun. Tonight's non-farm payroll report is the most direct trigger. Brothers, get ready to stay up late watching the market! #加密市场回调 $BTC $BNB