Last week, the Federal Reserve cut interest rates as scheduled, releasing a dovish signal that exceeded market expectations. However, the practical difficulties in the AI sector made it difficult for both the stock and bond markets to make decisive moves. The real test comes in the next week—data on non-farm payrolls, inflation, and retail sales from the U.S. Department of Labor are about to be released. Whether these data can truly reflect the state of the economy remains uncertain. Here are the key events for the market next week:

**Monday’s Schedule:**
21:30, U.S. December New York Fed Manufacturing Index;
22:30, Federal Reserve Board member Milan speaks;
23:30, FOMC permanent voting member and New York Fed President Williams discusses economic outlook.

**Tuesday’s Key Data:**
21:30, three indicators at once—U.S. November Unemployment Rate, Non-Farm Payrolls seasonally adjusted#以太坊行情技术解读 , October Retail Sales MoM.

**Wednesday:**
22:05, Williams delivers opening remarks at the New York Fed’s 2025 Foreign Exchange Market Structure Conference.

**Thursday’s Main Event:**
01:30, FOMC voting member for 2027 and Atlanta Fed President Bostic discusses economic outlook;
21:30, U.S. November CPI data( unadjusted YoY, core YoY, seasonally adjusted MoM, core MoM), initial unemployment claims, Philadelphia Fed Manufacturing Index.

The key point is the CPI. Currently, the data is stuck at 3%, while the Fed’s target is 2%, with a significant gap. If next week’s data come in below expectations, it will further support the logic for the Fed to continue cutting rates, and the dollar may remain under pressure; if the data rise, it could directly reverse the situation. In either case, the performance of digital assets will be far from ideal—keeping a close eye on this data point is crucial.