Sou Hu Cai Jing·2026-01-10 07:00Core Insights - The U.S. job market maintained low hiring and low layoffs in December, with the unemployment rate unexpectedly dropping to 4.4%, ending a continuous upward trend [1] - Despite the drop in unemployment, job additions are slowing down, and future annual revisions may lead to further downward adjustments [1] - The Federal Reserve may have room to pause interest rate cuts, as the unemployment rate did not rise further and multiple indicators suggest a low risk of job market slowdown [1] - Following the release of non-farm payroll data, the market anticipates only a 5% probability of a rate cut in January [1] - The market still expects two rate cuts in 2026, with the timing pushed to June and September [1] - Key events to watch for rising rate cut expectations include the appointment and statements of the new Federal Reserve Chair [1]