Next Week's Macro Outlook: First Post-Shutdown Non-Farm Payrolls Report, Fed's "Civil War" Escalates

November 15th. As the relief resulting from the historic conclusion of the U.S. government shutdown gradually fades away, along with the looming concerns regarding a large amount of economic data that is about to sweep the market and whether the Fed can smoothly cut interest rates in December, the cautious sentiment on Wall Street took the lead this week. Next, the gradual return of U.S. economic data is likely to increase market volatility. Here are the key points that the market will focus on in the new week (all Beijing time): Tuesday 02:00: 2026 FOMC Voter and Minneapolis Fed President Kashkari will hold a fireside chat; Thursday 03:00: The Fed will release the minutes of the monetary policy meeting, and FOMC Permanent Voter and New York Fed President Williams will give a speech; Friday 02:40: 2025 FOMC Voter and Chicago Fed President Evans will give a speech; Friday 05:30: 2026 FOMC Voter and Philadelphia Fed President Harker will give a speech on the economic outlook; Friday 20:30: FOMC Permanent Voter and New York Fed President Williams will give a speech; Friday 22:00: 2026 FOMC Voter and Dallas Fed President Kaplan will participate in a panel discussion at the "2025 Swiss National Bank and Its Observers" event. The U.S. Bureau of Labor Statistics announced on Friday that it will release the highly anticipated September Employment Situation Report on next Thursday (November 20). The report was originally scheduled to be released on October 3. The agency also stated that it will release September's real income data adjusted for inflation next Friday (November 21). In addition, NVIDIA is preparing to release its earnings report next Wednesday. (Jinshi)