This Week's Macro Outlook: Non-Farm Payroll Data Release, Precious Metals Performance May Impact Fund Flows

**February 2nd Economic Calendar: Key Macro Events & Data This Week** This week is light on major macro catalysts, with highlights including the Bank of Japan (BOJ)’s January policy meeting summary and U.S. non-farm payrolls (NFP). Below is the daily breakdown: **Monday** - U.S. January final Markit Manufacturing PMI - U.S. January ISM Manufacturing PMI - BOJ releases summary of January monetary policy meeting deliberations **Tuesday** - U.S. December JOLTs Job Openings - Atlanta Fed President Raphael Bostic (2027 FOMC voter) delivers speech - Fed Governor Michelle Bowman delivers speech **Wednesday** - U.S. API, EIA weekly crude oil inventories (Jan 30 week) - France, Germany, Euro Zone, U.K. January final Services PMIs - Euro Zone January CPI flash estimates (YoY, MoM) - Euro Zone December PPI (MoM) - U.S. January ADP Employment Change - U.S. January final Markit Services PMI - U.S. January ISM Non-Manufacturing PMI **Thursday** - U.S. initial jobless claims (Jan 31 week) - U.S. January Global Supply Chain Pressure Index - Atlanta Fed President Bostic (2027 FOMC voter) participates in monetary policy discussion + Q&A **Friday** - U.S. January unemployment rate - U.S. January seasonally adjusted non-farm payrolls (NFP) - U.S. 2025 NFP benchmark revision final (non-seasonally adjusted, NSA) - U.S. February 1-year inflation rate expectation (preliminary) - U.S. February University of Michigan Consumer Sentiment Index (preliminary)