#央行政策 As the non-farm employment report for next week is about to be released, I want to discuss the deeper logic behind it.

The recent Federal Reserve meetings have shown significant disagreements—some are worried about inflation, while others are concerned about employment. This contradiction precisely reflects the current complexity of the economy. Citi's forecast is quite interesting—October employment might decrease by 45,000, with a rebound of 80,000 in November, but economists believe this rebound largely results from seasonal adjustments rather than genuine improvement in market demand.

This reminds us of an important point: data speaks, but sometimes it tells only the surface story. When the market has differing views on policy direction, volatility often follows.

My simple advice—rather than frequently chasing short-term data changes, take this opportunity to review your asset allocation. Check if your positions are too heavy and whether you have enough room to adjust in response to uncertainties. In the long run, investors who can withstand volatility and maintain patience are often the ones who come out ahead.

Economic data can be noisy, but a prudent allocation is our best weapon against this noise.