According to CoinMeta, the United States will release the October non-farm payroll data at 9:30 p.m. on Friday. The market expects an increase of about 59,000 to 65,000 new jobs in October, a slight rebound from the initial figure of 29,000 jobs in September. CME Fed Watch tool shows that traders' expectations for further interest rate hikes in December have dropped from 82.7% the previous day to 69.1%. This non-farm data is a key indicator of the balance between supply and demand in the U.S. labor market, and changes in the number of employed people directly determine the room for marginal adjustments in the Federal Reserve's monetary policy. The downward adjustment in market expectations for interest rate hikes reflects investors' deep concerns about a slowdown in the economy, and this data will become decisive evidence to verify whether the U.S. economy will experience a soft landing or an increased risk of recession.