The November FOMC meeting came to an end, and in line with market expectations, the Fed continued to hold its benchmark interest rate in the 5.25-5.5% range. At the same time, changes to the statement were limited, and Powell's speech at the post-meeting press conference was largely similar to what he said before the FOMC. However, as several key data released before the meeting were lower than expected, such as the ISM manufacturing PMI falling from 49% to 46.7% in October, and the small non-farm ADP employment data was less than expected, it may indicate that the US labor market is starting to cool more significantly.