After the release of the September US Non-farm Payrolls (NFP), the market is now in heated debate about whether the Fed will cut interest rates in December.

The unemployment rate has been climbing, which makes XTB think this could be the trigger for the Fed to start cutting interest rates. On the other hand, Goldman Asset Management seems more calm; they believe that although there have been quite a few hawkish comments recently, the actual economic data is relatively weak, and inflation is getting closer to policy targets, and these hard indicators are what truly matter.

Sparta Securities directly provided a forecast: a 25 basis point rate cut in December, which is quite likely. CITIC Securities also joined the discussion, emphasizing that changes in the unemployment rate will play a key role in the rate cut decision.

The most interesting analysis comes from TD Securities—they say this non-farm report is simply "Schrödinger's data," which can support hawks in remaining tough and also provide doves with reasons to cut interest rates. Now, the market's bets on a rate cut in December? It's basically a fifty-fifty chance; no one can say for sure.

For the crypto market, this uncertainty may continue to bring volatility. Every statement from the Fed could become a catalyst for market movements.