美债收益率涨跌互现，市场关注点已从沃什获提名出任美联储主席转向本周晚些时候公布的劳动力数 据。美国政府目前处于部分停摆状态，国会议员仍在就拨款协议进行谈判，但TD Cowen仍预计1月非农 就业报告将于周五发布。TD Cowen的Chris Krueger表示："如果劳工统计局不发布就业报告，我们会感 到意外。由于资金在1月31日才中断，劳工统计局在临时停摆前已掌握全部1月数据。因此，只要本周初 某个时间政府重新开门，就没有理由周五不发布非农数据。" ...

Core Viewpoint - Bitcoin briefly fell below $90,000 this week due to cooling expectations for a Federal Reserve interest rate cut and continued outflows from ETFs, leading to market sentiment pressure [1] Group 1: Market Dynamics - The decline in liquidity has further amplified the downward movement of Bitcoin prices [1] - Federal Reserve Chairman Jerome Powell reiterated that a rate cut in December is "not a done deal" [1] Group 2: Market Indicators - The market is closely monitoring labor data and leading indicators this week to assess whether the Bitcoin pullback is a short-term position adjustment or a broader shift in risk appetite [1]

Core Viewpoint - COMEX gold futures prices have reached a historic high of over $3760 per ounce, driven by ongoing commodity inflation trends in the U.S. and a weakening labor market [1] Group 1: Economic Indicators - U.S. commodity inflation continues to rise, while service sector inflation shows signs of easing [1] - The labor market is experiencing a downward trend, which may influence future monetary policy [1] Group 2: Market Predictions - The Federal Reserve's focus on the labor market, as indicated during the August global central bank meeting, suggests that moderate commodity inflation will not alter the pace of interest rate cuts [1] - The combination of rising tariffs contributing to inflation and declining nominal interest rates is expected to benefit precious metals in the near future [1] Group 3: Demand Factors - The recent surge in international gold prices coincides with the upcoming Mid-Autumn Festival and National Day, which is likely to sustain demand for gold jewelry [1]