#加密生态动态追踪 The Federal Reserve cut interest rates last week as scheduled, releasing numerous dovish signals, but the practical challenges in the artificial intelligence sector have disrupted the pace—U.S. stocks and the bond market are showing a complex divergence. 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 to watch:

**Monday**
21:30 — U.S. December New York Fed Manufacturing Index
22:30 — Federal Reserve Board Member Mester Speaks
23:30 — New York Fed President Williams Discusses Economic Outlook

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

**Wednesday**
22:05 — Williams Speaks at the 2025 Foreign Exchange Market Structure Conference in New York

**Thursday**
01:30 — Atlanta Fed President Bostic Talks Economic Outlook
21:30 — U.S. November CPI Data (Unadjusted/Seasonally Adjusted), Core CPI, Initial Jobless Claims, Philadelphia Fed Manufacturing Index

**Market focus is on Thursday’s CPI data.** Currently, the rate remains at 3%, still above the Fed’s 2% target. If CPI exceeds expectations, the dollar may rebound; if it falls short, 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 dollar movements, and this week’s data will be a critical turning point.