#加密生态动态追踪 The Federal Reserve cut interest rates as scheduled last week, releasing many dovish signals, but the real challenges in the artificial intelligence sector disrupted the rhythm—US stocks and bond markets showed complex divergent trends. Next week, the U.S. Department of Labor will release non-farm payrolls, consumer inflation, and retail sales data, which are crucial for assessing the economic fundamentals.

Key schedule:

**Monday**
21:30 — US December New York Fed Manufacturing Index
22:30 — Fed Governor Mester speech
23:30 — New York Fed President Williams discusses economic outlook

**Tuesday**
21:30 — US November Unemployment Rate, Non-Farm Payrolls, October Retail Sales MoM

**Wednesday**
22:05 — Williams speaks at the NY Fed 2025 Foreign Exchange Market Structure Conference

**Thursday**
01:30 — Atlanta Fed President Bostic discusses economic outlook
21:30 — US November CPI data (not seasonally adjusted/seasonally adjusted), Core CPI, Initial Jobless Claims, Philadelphia Fed Manufacturing Index

**Market focus is on this Thursday’s CPI.** Currently, the data remains at 3%, still above the Fed’s 2% target. If CPI exceeds expectations, the dollar may rebound; if below expectations, the rationale for Fed rate cuts will be further confirmed, putting downward pressure on the dollar. The crypto market has always been highly sensitive to the dollar’s direction, and this week’s data will be a key turning point.