Next week’s macro outlook: Fed decision + non-farm “super week” coming

PANews reported on July 26 that this week, the S&P 500 and Nasdaq indices continued to hit record highs under favorable catalysts such as the US-Japan trade agreement and the American AI Plan. In terms of interest rate cut expectations, the White House continued to put pressure on Federal Reserve Chairman Powell. Trump urged Powell to cut interest rates in person, which was the first time a US president visited the Federal Reserve headquarters in nearly 20 years; US Treasury Secretary Bensont even planned to confirm the new Federal Reserve Chairman candidate in advance by the end of the year. Looking ahead to next week, US stocks will usher in a heavyweight macro + earnings week, and the Federal Reserve will announce its interest rate decision next Thursday; in terms of tariffs, Trump's tariff deadline will be on August 1, and China and the United States will start a new round of economic and trade consultations for 4 days this Sunday.

1. Monday (July 28): China and the United States held economic and trade talks in Sweden (July 27-30), and the Dallas Fed Manufacturing Activity Index in July.

2. Tuesday (July 29): U.S. June wholesale inventory monthly rate preliminary value, U.S. July Conference Board consumer confidence index, U.S. June JOLTs job vacancies, the Federal Reserve began a two-day monetary policy meeting.

3. Wednesday (July 30): U.S. second quarter GDP series data, Federal Reserve interest rate decision and Powell press conference.

4. Thursday (July 31): China's official manufacturing PMI in July, Bank of Japan interest rate decision, U.S. Challenger company layoffs in July, U.S. June PCE price index annual rate, U.S. initial jobless claims for the week ending July 26.

5. Friday (August 1): The July 9 deadline originally set by Trump's tariffs was later extended to August 1, the implementation of the Hong Kong Stablecoin Ordinance, the U.S. July non-farm payrolls report, the eurozone July CPI data, and the U.S. July ISM manufacturing PMI.