Next Week Macro Outlook: Federal Reserve Officials Speak Intensively, US Employment and GDP Data Released on Thursday

September 20th. In the upcoming week, Federal Reserve officials will engage in intensive speaking activities. The market may further assess the Fed's pace of rate cuts based on these speeches. The specific schedule is as follows:

Monday 21:45, FOMC Permanent Voter and New York Fed President Williams will speak on monetary policy and the economic outlook; 22:00, FOMC Voter in 2025, St. Louis Fed President Moseley will speak about the U.S. economic outlook and monetary policy;

Tuesday 00:00, FOMC Voter in 2026, Cleveland Fed President Hamack will speak on the U.S. economy; FOMC Voter in 2027, Richmond Fed President Balkin will speak on the economic situation; 22:00, FOMC Voter in 2027, Atlanta Fed President Bostic will speak on the economic outlook;

Thursday 04:10, FOMC Voter in 2027, San Francisco Fed President Daly will speak; 20:20, FOMC Voter in 2025, Chicago Fed President Gursby will speak; 21:00, FOMC Permanent Voter and New York Fed President Williams will deliver welcoming remarks at the Fourth Annual Conference on the U.S. Dollar's International Role;

Friday 01:00, Fed Governor Barr will speak on bank stress tests; 03:30, FOMC Voter in 2027, San Francisco Fed President Daly will speak; 21:00, FOMC Voter in 2027, Richmond Fed President Balkin will speak; 22:00, Fed Governor Bowman will speak.

On the macro data front, on Thursday at 20:30, the U.S. initial jobless claims for the week ending September 20th, the U.S. Q2 final GDP annualized rate, the U.S. Q2 final personal consumption expenditure rate, the U.S. Q2 final core PCE price index annualized rate, and the U.S. August durable goods orders rate will be released. On Friday at 22:00, the U.S. September University of Michigan Consumer Confidence Index final value and the U.S. September one-year inflation rate expectation final value will be announced.

Market views hold that after the Fed's decision, the market's focus will revert to inflation data. Next week, investors' attention will fully shift to the Fed's preferred inflation indicator - the Personal Consumption Expenditures Price Index (PCE). The inflation data to be released next week may verify whether the Fed's decision to cut rates this fall was a wise one. Economists generally predict that August PCE will show that the inflation level is on the rise again. (Jinshi)