[Federal Reserve Meeting Minutes: Divergence Between Slowing Job Growth and Moderate Economic Growth] The Federal Reserve's October meeting minutes reveal that participants discussed the difficulty in assessment due to the absence of the September employment report, relying instead on private sector data, limited government data, and business survey information. Current indicators show that layoffs and hiring remain at low levels, with the labor market gradually cooling between September and October without a sharp deterioration. Participants believe that the slowdown in job growth is primarily due to reduced labor supply and moderate economic growth, as well as weakened demand caused by uncertainty. Some noted that investments related to artificial intelligence might exacerbate weak labor demand. Looking ahead, labor market conditions are expected to cool gradually, with businesses inclined to maintain their current workforce levels. Some participants suggested that the divergence between weak employment and moderate GDP growth might persist due to productivity improvements and continued constraints on labor supply.

European Central Bank officials are concerned that the rapid growth of US dollar stablecoins may weaken euro policies, and some European issuers believe that a strong ecosystem of euro stablecoins should be established, rather than relying solely on digital euros. （Cointelegraph）

[Federal Reserve Meeting Minutes Suggest Halting Balance Sheet Reduction] Federal Reserve meeting minutes indicate that the SOMA manager has recommended the Fed to halt balance sheet reduction as soon as possible. Excessive volatility in the repo market could impact the Fed's rate control and the Treasury market.

[Federal Reserve Meeting Minutes: Majority of Participants Warn of Rate Cut Risks] The Federal Reserve meeting minutes indicate that the majority of participants believe further rate cuts could increase the risk of entrenched high inflation and might be misinterpreted as a lack of commitment by the Federal Reserve to achieving the 2% inflation target.

[Federal Reserve Meeting Minutes: Some Participants Support Increasing the Proportion of Short-Term Treasury Holdings] The Federal Reserve meeting minutes show that some participants prefer holding a larger proportion of U.S. short-term Treasuries, believing that this move could provide greater flexibility advantages.