#美联储货币政策 Tonight at 21:30 US time, the November CPI and initial jobless claims data will be released, marking an important upcoming event in the market. The forecast for the CPI year-over-year is 3.1%, and the core CPI data is also within the watch range.

From Powell's recent statements, signals of a cooling labor market have been released, but inflation still faces upside risks—this contradictory situation determines the future direction of rate cut expectations. Goldman Sachs's assessment is also clear: the Federal Reserve has completed its preemptive rate cut cycle, and whether to continue easing depends on whether labor market data can further weaken.

In other words, the strength or weakness of tonight's data will directly influence the market's pricing of monetary policy for next year. If CPI remains sticky or unemployment data underperforms expectations, rate cut expectations will be significantly adjusted, with immediate reactions in on-chain capital flows. It is recommended to monitor the movements of large funds before and after the data release, especially the scale of stablecoin inflows into exchanges—this is often a leading indicator of changes in risk appetite.