The US December average hourly earnings data has been released, showing a year-over-year increase of 3.8%, surpassing market expectations of 3.6% and the previous value of 3.6%. What signals does this data send? Faster wage growth indicates that inflationary pressures still exist and may influence the Federal Reserve's future interest rate cut pace. For the crypto market, such labor market data is crucial—it directly relates to the Fed's policy stance. If inflation proves to be more sticky than expected, the rate cut cycle could be delayed, which often strengthens the US dollar and subsequently impacts the performance of risk assets. Market participants need to closely monitor upcoming economic indicators and official interpretations of this data.