Macro Outlook for Next Week: Non-Farm Payrolls Will Challenge Dovish Bets, Fed Officials Speak Out Collectively

On September 27, Fed officials will collectively speak next week. In addition, if the U.S. government shuts down on October 1, the employment report will not be released on time, potentially directly affecting the CPI and the Fed's October meeting. Here are the key points the market will focus on in the new week (all in Beijing time): Monday at 20:00, 2026 FOMC voting member and Cleveland Fed President Mester will participate in a policy panel discussion; Tuesday at 01:30, FOMC permanent voting member and New York Fed President Williams, 2025 FOMC voting member and St. Louis Fed President Bullard will speak; Tuesday at 06:00, 2027 FOMC voting member and Atlanta Fed President Bostic will have a dialogue with Delta Airlines CEO on topics including the Atlanta economy; Tuesday at 18:00, Fed Vice Chairman Jefferson will speak; Wednesday at 01:00, 2025 FOMC voting member and Chicago Fed President Goolsbee will speak; Wednesday at 07:10, 2026 FOMC voting member and Dallas Fed President Logan will speak; Wednesday at 08:30, Fed Vice Chairman Jefferson will speak; Thursday at 22:30, 2026 FOMC voting member and Dallas Fed President Logan will speak; Friday at 18:05, FOMC permanent voting member and New York Fed President Williams will speak at the farewell seminar for Dutch Central Bank President Knot; Friday at 20:30, U.S. September non-farm payrolls, unemployment rate, average hourly wage year-on-year and month-on-month. (Jin10)