Jack Mcintyre, portfolio manager at Brandywine Global, stated that the strong performance of the November non-farm report raises doubts about whether the Federal Reserve will further cut interest rates in the first half of 2025. The December non-farm report provides further evidence to the Federal Reserve: 1. They made a policy mistake by cutting interest rates by 100 basis points at the end of last year; 2. They will be more cautious in implementing future rate cuts. The longer the Federal Reserve pauses, the more likely the next action will be to start raising rates. While the labor situation is important, the most critical variable for the Federal Reserve and the market remains inflation. The CPI data next week will be more significant.