The two key indicators the Fed focuses on the most: employment and CPI. Employment data has just been released, while CPI data won’t be out until after the FOMC meeting. This timing is quite intriguing. The just-released employment data: U.S. November ADP employment change -32,000, expected 10,000, previous value 42,000. Way below expectations. So, this time, a rate cut seems almost certain. The market's predicted probability of a rate cut has also reached around 90%. Right now, we’re in the Fed’s blackout period, so they won’t make any related comments. Now we need to think: if the rate cut expectation is fulfilled, what’s the next expectation to speculate on? The next two Fed FOMC meeting dates are December 10 and January 28, 2026.