According to CoinMeta, the Federal Reserve maintained the target range for the federal funds rate at 3.75%-4.00% last week and acknowledged that inflation is at a high level. The market expects the Fed to raise interest rates in December. Investment analyst Michael Kelleher assumes that if the October employment report meets expectations and the unemployment rate does not rise significantly, the market's assessment of the Fed's policy path will remain unchanged. If employment growth exceeds forecasts, the unemployment rate falls, and wage growth is strong, investors will re-evaluate the number of interest rate hikes and the end of the tightening cycle. Statistics from Marketwatch show that since January 2025, non-farm data has exceeded market expectations 11 times and fallen short 10 times, with an average deviation between actual and forecasted figures of tens of thousands of jobs. Strong employment performance will force the market to revise its expectations for the end of interest rate hikes and reinforce the necessity for interest rates to remain high in the long term.