Institutional analysts: The Fed's Beige Book may once again be a decisive factor.

Institutional analysts' commentary on the US September non-farm payrolls: Assessing the probability of a Fed rate cut in December is difficult. Market pricing is again nearing a 50% probability, and the Beige Book may once again be the deciding factor, as no new CPI or employment reports will be available before the December meeting. For long-term interest rates, if the Fed directs market attention to a January rate cut at its meeting, then a December rate cut will be irrelevant. Therefore, in my view, all the concerns surrounding whether there will be a December rate cut are only meaningful for short-term interest rate traders.