In December, the US non-farm payroll data was released, and the results were not very optimistic. The number of new jobs added was far below market expectations, and the data for the previous two months was also revised downward, indicating that the resilience of the labor market is not as strong as it seems. Although the unemployment rate has decreased, the truth behind it is that many people have simply given up looking for work rather than finding new opportunities. Wages continue to rise, putting pressure on the Federal Reserve. In the short term, the probability of the Fed cutting interest rates again is low. The shadow of inflation still looms, and a policy shift to easing may be delayed. These macroeconomic changes are reshaping market dynamics, and traders need to adjust their expectations for the upcoming trends.