Next week will be a week of snow and wind. The financial markets will see speeches from Federal Reserve officials and major economic data releases. First, non-farm payrolls and CPI will be announced in the same week, a historic first. This week, the market is not waiting for the “results,” but for “which story can survive.” On Tuesday, the US October and November non-farm employment data will be released, which will set the tone for market expectations of rate cuts in January next year. If the data is surprisingly poor, the probability of rate cuts could quickly rise above 50%, giving the market a new story to tell. If the data is good, the market will rapidly hype up the “pause in rate cuts.” The key to non-farm payrolls is not whether it is “good or bad,” but whether it is sufficiently bad. On Thursday, the US November CPI will be released, and the status of CPI has already been “equalized” with non-farm payrolls. The current internal division within the Federal Reserve is fundamentally about differing views on inflation and employment. The CPI on Thursday will not only influence the market but also affect “who has more say” within the Fed. Second, Federal Reserve Bank of New York President Williams will give two speeches. The November plunge was saved by Williams, and this time his speech will occur before the release of non-farm payrolls and CPI data. He is likely to give the market some hints, helping the market digest economic data in advance. His role is not to predict the data but to: pre-announce to the market which interpretations are “permitted” and which are “overthinking.” Third, the US initial jobless claims last week are also worth paying attention to. The market’s “turnaround from decline to rise” on Thursday was saved by this data, turning bad news into good news. If the data continues to worsen, the market might forget about non-farm payrolls and continue to bet heavily on rate cuts. This week is not about choosing a direction but about choosing a narrative. The market is now at a very delicate point: with a little more bad news, “forced rate cuts,” with a little more good news, “pause in rate cuts”—volatility will definitely be high.