The US September data released tonight at 9:30 PM, #美国非农就业数据表现优于预期 , is quite interesting - both retail and PPI are showing signs of cooling.

Let's first look at the consumer side. After excluding cars and oil prices, retail sales directly dropped by 0.66%, and core retail (after removing dining) also fell by 0.49%, completely opposite to the market expectation of positive growth of 0.6%. Behind this wave of data, it is possible that consumers, after splurging during the back-to-school season, have started to tighten their wallets, likely saving up for the shopping spree at the end of the year.

Inflation is more pronounced on that side. The core PPI month-on-month finally turned negative to -0.1%, and the year-on-year rate slid from 3.1% to 2.6%. Price pressures on the production side are easing, which means that inflation transmitted to the consumption side may continue to cool down in the future.

This combination of "economic slowdown + falling prices" precisely hits the point the market has been expecting. The reasons for the Federal Reserve to maintain high interest rates are weakening, and expectations for interest rate cuts naturally rise. If this trend can stabilize, U.S. stocks and risk assets like cryptocurrencies are likely to reap the benefits. $ZEC Such assets may also dance along with market sentiment.