CICC: Considering the overall economic data, predicts that the Fed will cut interest rates by 25 basis points next week

November 2, CICC research report pointed out that the U.S. non-farm payrolls data for October was weak and less than expected, partly affected by the hurricane and strike events. Hurricanes led to a large number of people forced to evacuate, and led to a significant reduction in the response rate of business surveys, leisure accommodation and other services employment fell sharply, the number of people unable to go to work due to weather reasons surged. Strikes, on the other hand, led to a marked contraction in manufacturing employment. However, these are temporary disturbances, the effects of which are likely to be reversed in the coming months. Overall, the U.S. labor market is still cooling gradually and showing no signs of rapid deterioration. 
Comprehensive consideration of the overall economic data, forecast that the Federal Reserve will cut interest rates by 25 basis points next week, monetary policy continues to return to normalization, but the pace of interest rate cuts will not be as aggressive as the market previously expected. (Gold Ten)