Next Week Outlook: The Fed will announce its interest rate decision on Thursday, followed by a press conference by Powell.

On October 25th, in the coming week, due to the ongoing U.S. government shutdown, key data from the U.S. will be in short supply. However, many central banks will hold interest rate meetings, including the Federal Reserve, the European Central Bank, and the Bank of Japan, etc. Here are the key points that the market will focus on in the new week (all times are in Beijing time): Thursday 02:00, the Federal Reserve announces the interest rate decision; Thursday 02:30, Federal Reserve Chair Powell holds a monetary policy press conference; Friday 01:15, 2026 FOMC voter and Dallas Fed President Kaplan gives a speech; Friday 21:30, 2026 FOMC voter and Dallas Fed President Kaplan gives a speech; Until there is a more clear understanding of both inflation and the labor market, it is unlikely that Powell will significantly change his language regarding the future policy path while announcing a 25-basis-point rate cut. Therefore, considering the recent trade tensions and the ongoing government shutdown, Powell and his colleagues' statements on Thursday may be slightly dovish, but the magnitude may not be significant. Even dovish members like Bullard are reluctant to commit in advance to a series of rate cuts. If the Fed questions the market's expectations of a path that includes cutting rates by another 100 basis points after October, the risk of disappointment for traders will increase. (Jin10)