#美国非农就业数据未达市场预期 December US employment report came out, and at first glance it looks decent, but when you examine it closely? It actually signals that the economy is weakening.

The core issue is this: new job creation, job openings, and wage growth—all three indicators point to cooling signs. The only bright spot worth mentioning is a slight decline in unemployment to 4.5%—but that's just surface-level optimism. Overall, this report is like hitting the brakes on the economic situation. It's neither particularly bad nor particularly good. In one sentence: "delaying tactics."

So how will the Federal Reserve interpret this data? The answer is straightforward: there's no need to rush into action in January. You can see the market's thinking from the direction of interest rate futures and US Treasury bonds—January rate cuts are basically off the table. Everyone is now betting that June is the real potential turning point.

What does this mean for the crypto market? In the short term, the easing cycle won't kick in early, and liquidity will remain tight. The crypto space needs to prepare for a long-term battle, since there won't be real shifts in the Federal Reserve's direction for a few more months.