Tonight at 21:30, the market may face a directional choice.

The U.S. non-farm payroll data for January will be announced tonight.

Wall Street generally warns: the data is likely to fall short of expectations.

More critically——

The annual benchmark revision could potentially "wipe out" over 1 million jobs at once.

This is not just a fluctuation in data,

but a recalibration of the overall employment trend.

And employment is a core indicator for the Federal Reserve to determine whether to cut interest rates and when to do so.

In simple terms:

Data = Interest Rate Expectations = Fund Direction = Risk Asset Volatility.

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