Preview: Tonight's battle of the unemployment rate and US Non-farm Payrolls (NFP) will be key catalysts for future market movements.

On November 20, the US Non-farm Payrolls (NFP) data for September, originally scheduled to be released on October 3, was delayed to this evening due to the US government shutdown. Before the shutdown, the US Bureau of Labor Statistics had already completed the collection and statistical work on the data, so it will not cause systemic bias in the data itself, and the impact on data quality is limited. At the previous October FOMC meeting, the Fed further cut interest rates without sufficient reference data, but did not commit to a subsequent rate cut path. Powell stated at that time: a December rate cut is not “set in stone,” and the October rate cut was a “Risk Management” cut, while also implying severe internal divisions within the Fed. As the first important economic data following the end of the US government shutdown (albeit delayed), if new signals are given, it could become a key catalyst for subsequent market trends. The important macro data to be released tonight at 9:30 PM Beijing time includes: the US September unemployment rate, the US September seasonally adjusted non-farm payrolls, and the number of initial jobless claims in the week ending November 15.