What the market has truly lost is not confidence, but the calculability of the future. The danger of this non-farm payrolls report lies not in the data itself, but in its destruction of the sense of predictable patterns. It wasn't bad enough to salvage expectations of interest rate cuts. Nor was it good enough to justify current risk asset prices. This is the most troublesome situation for the Federal Reserve. Ultimately, US stocks closed higher, with tech stocks managing a modest gain. The only remaining macroeconomic headwind this year is Japan's interest rate hike. The Fed candidate will be announced soon, and the new Fed chair will undoubtedly be aligned with Trump. The period before Christmas, when liquidity is at its worst and institutions begin their annual portfolio adjustments, should be the turning point. In recent weeks, there have been frequent reports of US stock tokenization, and with gradually improving infrastructure, a foundation for development has been laid. This is the narrative we should be closely monitoring next.