Group 1 - The core focus of the market has shifted from the nomination of Waller as the Federal Reserve Chair to the upcoming labor data to be released later this week [1] - The U.S. government is currently in a partial shutdown, with Congress members still negotiating funding agreements [1] - TD Cowen expects the non-farm payroll report for January to be released on Friday, indicating that the Labor Statistics Bureau has all necessary data prior to the temporary shutdown [1]

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]