Next Week Outlook: Middle East Tensions and Core PCE Data in Focus, Micron to Report Earnings Post-Market on Wednesday

**Next Week’s Key Market Catalysts: Middle East Geopolitics, Fed Policy Events, and U.S. PCE Data** (As of June 20; all times below are Beijing Standard Time) Market participants will center their focus on two core themes next week: persistent geopolitical tensions in the Middle East and critical U.S. economic updates, led by the Federal Reserve’s most closely watched inflation gauge—the Core PCE Price Index. Below are high-impact events to watch: - Thursday, June 20, 4:00 AM: The Federal Reserve will release its annual bank stress test results. - Thursday, June 20, 20:30 PM: A slate of key U.S. economic data will be published, including weekly initial jobless claims (for the week ending June 20), May Core PCE Price Index (YoY), May personal spending (MoM), final Q1 real GDP (annualized), revised Q1 real personal consumption expenditures (QoQ), revised Q1 Core PCE Price Index (QoQ), May Core PCE Price Index (MoM), and May durable goods orders (MoM). - Friday, June 21, 3:40 AM: FOMC permanent voter and New York Fed President Williams will deliver remarks. - Friday, June 21, 6:30 AM: FOMC voter (next voting in 2027) and Chicago Fed President Evans will speak. - Friday, June 21, 11:30 PM: FOMC voter (next voting in 2026) and Minneapolis Fed President Kashkari will address the public. The Fed’s Core PCE data is the highlight of next week’s economic calendar. Per the Cleveland Fed’s inflation nowcasting model, May Core PCE is expected to hold steady at 3.3% YoY, while overall PCE is projected to tick up from 3.8% to 4.0% YoY. On the corporate side, memory chip leader Micron Technology (MU) will release its quarterly earnings report after U.S. markets close on Wednesday, June 24. The results are widely seen as a key barometer of global chip demand, with the company guiding for $33.5 billion in revenue and a roughly 81% gross margin.