Friday's non-farm payrolls have become a must-watch drama for market watchers. Citigroup issued a stern warning: if the unemployment rate in December really rises to 4.7%, it will be difficult for the Federal Reserve to maintain its stance, and there is a high probability of another 25 basis point rate cut in January. It sounds a bit bleak, but the data is there. The labor market is steadily weakening, employment growth has basically stalled, initial jobless claims are decreasing, and Indeed's hiring activity is also waning. Officials say they are not in a hurry to cut rates, but in reality, the market has already sensed the cooling trend. Citigroup's latest forecast predicts only 75,000 new jobs, which is close to zero growth. Once these data come true, the Fed's policy shift could happen faster than expected.