The market may bet on the end of the stalemate after the labor data is released, showing a significant rise in the unemployment rate, exceeding 4.4%, and a substantial drop in employment numbers. Both of these factors could force the Fed to lower interest rates, so there is still a possibility of speculation. Moreover, Christmas is approaching, and it often marks the beginning of a liquidity low point, just like every weekend; as long as there are no major issues, it can be passed smoothly. Even if there is no rate cut in December, having already lowered rates twice in 2025 can be considered as fulfilling the market's expectations for that year. However, there are two FOMC meetings in the first quarter of 2026, and if interest rates are not lowered continuously, there will be significant pressure on the market, especially with the potential credit explosion events in the U.S. that were shared yesterday.