Macro Outlook for Next Week: Fed Officials Speak Intensively, U.S. Employment and GDP Data to be Released on Thursday

On September 20, next week, Fed officials will speak intensively, and the market may further judge the pace of Fed rate cuts based on this. The specific schedule is as follows: Monday 21:45, FOMC permanent voting member and New York Fed President Williams will speak on monetary policy and economic outlook; 22:00, 2025 FOMC voting member and St. Louis Fed President Bullard will speak on the U.S. economic outlook and monetary policy; Tuesday 00:00, 2026 FOMC voting member and Cleveland Fed President Mester will speak on the U.S. economy; 2027 FOMC voting member and Richmond Fed President Barkin will speak on economic conditions; 22:00, 2027 FOMC voting member and Atlanta Fed President Bostic will speak on the economic outlook; Thursday 04:10, 2027 FOMC voting member and San Francisco Fed President Daly will speak; 20:20, 2025 FOMC voting member and Chicago Fed President Goolsbee will speak; 21:00, FOMC permanent voting member and New York Fed President Williams will deliver a welcome speech at the 4th Annual Conference on the International Role of the Dollar; Friday 01:00, Fed Governor Barr will speak on bank stress tests; 03:30, 2027 FOMC voting member and San Francisco Fed President Daly will speak; 21:00, 2027 FOMC voting member and Richmond Fed President Barkin will speak; 22:00, Fed Governor Bowman will speak. Regarding macro data, on Thursday at 20:30, initial claims for unemployment benefits in the U.S. for the week ending September 20, the final value of U.S. Q2 actual GDP annualized quarter-on-quarter growth rate, the final value of U.S. Q2 actual personal consumption expenditures quarter-on-quarter growth rate, the final value of U.S. Q2 core PCE price index annualized quarter-on-quarter growth rate, and U.S. durable goods orders month-on-month rate for August will be released. On Friday at 22:00, the final value of the U.S. September University of Michigan Consumer Sentiment Index and the final value of the U.S. September one-year inflation expectations will be announced. Market views suggest that after the Fed's decision, the market's focus will return to inflation data, and next week investors' attention will fully turn to the inflation indicator favored by the Fed—the Personal Consumption Expenditures Price Index (PCE). The inflation data released next week may confirm whether the Fed's decision to cut rates this fall is wise. Economists generally predict that the August PCE will show that inflation levels are rising again. (Jin10)