Analyst Anna Wong expects non-farm payrolls to maintain steady growth in October and the unemployment rate to remain stable. The details of the report may be slightly out of date. Financial conditions have tightened sharply in the past few weeks, and have gradually tightened since the summer, and we expect the labor market to slow down before the end of the year. The number of layoffs is also likely to rise sharply before 2027. However, these signs may not be apparent until the December FOMC meeting. Given that financial conditions are likely to be further tightened in the run-up to this meeting, our benchmark scenario is that the Federal Reserve will keep interest rates unchanged — but this judgment is uncertain.