News

Jinse Finance reported that the U.S. Bureau of Labor Statistics announced it will not release the October non-farm payrolls report and stated that the employment data (establishment survey) originally scheduled for October will be merged into the November report. This combined report is scheduled to be released on December 16, which means that Federal Reserve officials will not have access to this key data at the last policy meeting of the year (the Fed interest rate decision will be announced in the early morning of December 11, Eastern Eight District time). The agency pointed out that the October household survey data, which is used to calculate key indicators such as the unemployment rate, will not be retrospectively collected. The U.S. non-farm payrolls report consists of two parts: the household survey and the establishment survey, with the establishment survey used to calculate non-farm employment data. The agency also stated that it will extend the data collection period for both the November household survey and the establishment survey.

Jinse Finance reported that Federal Reserve Governor Stephen Miran stated that he hopes the Fed will first readjust a series of regulatory rules for Wall Street before discussing other economic issues related to the central bank's balance sheet. "For many years, financial regulation has basically moved in one direction, continuously increasing restrictions on the banking industry," Miran said in remarks prepared for the Bank Policy Institute on Wednesday. He added that the interaction between regulation, financial markets, the economy, and the implementation of monetary policy is often underestimated. "While there is constant discussion about bank reserve balances and their interest, balance sheet composition, and Treasury market intermediation, I believe most of these discussions are downstream issues of the bank regulatory framework," he said. Miran emphasized that regulators should avoid overreacting, stating that the rules introduced after the 2008 crisis went too far. He pointed out that this has led to much traditional banking business moving outside the regulatory perimeter, partly due to 'cumbersome rules.' "While I have no bias against non-bank financial companies, credit allocation should be driven by market forces, not regulatory arbitrage," he said.