Zheng Quan Shi Bao Wang·2024-11-02 03:26Group 1 - The core viewpoint of the article indicates that the recent non-farm payroll data was unexpectedly weak, primarily driven by one-time factors, while the U.S. labor market is still in a "rebalancing" phase [1] - The Federal Reserve is not expected to overreact to this data, with potential rate cuts in November and December, although the future path of rate cuts remains uncertain [1] - The upcoming election results are anticipated to have a more significant impact on the market and Federal Reserve policy than the current employment data [1] Group 2 - The article highlights that the impact of hurricanes is difficult to quantify, leading to considerable uncertainty regarding potential non-farm employment levels [1] - Despite the recent weak non-farm data, it is largely attributed to disturbances from hurricanes and strikes, suggesting that the Federal Reserve may follow previous guidance and implement rate cuts in November and December [1] - Future decisions on rate cuts will depend on the resolution of employment disturbances and clarity regarding the election situation [1]