Looking at the latest initial jobless claims data, it's truly eye-catching. This set of numbers directly answers a long-standing question: has the US labor market cooled down? The answer is—not yet.

What does last week's data indicate? The employment engine is still running strongly. The resilience of the US economy is evident, which directly gives the Federal Reserve the confidence to delay interest rate cuts. But don't rush to conclusions; the market's rhythm is quietly changing. From extreme heat to a gentle tightening, although a full cooling hasn't arrived, there are indeed some signs of loosening.

The key is how the next act will unfold. How will the forces of "strong" and "slowing" compete, and ultimately, how will they influence the Fed's actions? This has a significant impact on policy expectations in the crypto market. Continuous attention to the subsequent performance of the labor market is necessary, as it directly determines the central bank's next move.