Next week's macro outlook: Non-farm "invisibility," Federal Reserve officials will speak intensively

According to Jin Ten's report, the market was almost certain that the Federal Reserve would cut interest rates again in December, but Powell's remarks have prompted a rethinking. This means that as Federal Reserve governors and regional Fed presidents resume public appearances, laying the groundwork for the crucial December meeting, the speeches from Fed officials starting next week could be vital.

Under normal circumstances, next week would be the week for the release of non-farm payroll data. However, with the U.S. government shutdown entering its second month, the regular schedule will not be achievable. The chances of the U.S. Bureau of Labor Statistics (BLS) releasing non-farm payroll data on Friday are quite slim. Fortunately, there will be a wealth of U.S. private sector data released next week. Specifically, the often-overlooked JOLTS job openings and Challenger layoffs data will receive the attention they deserve. Here are the key points the market will focus on in the new week (all in Beijing time):

• Tuesday 01:00, 2027 FOMC voter, San Francisco Fed President Daly speaks;

• Friday 00:00, FOMC permanent voter, New York Fed President Williams speaks;

• Friday 01:00, 2026 FOMC voter, Cleveland Fed President Mester speaks at the New York Economic Club;

• Friday 05:30, 2026 FOMC voter, Philadelphia Fed President Harker speaks;

• Friday 06:30, 2025 FOMC voter, St. Louis Fed President Bullard discusses monetary policy in a fireside chat;

• Friday 16:00, FOMC permanent voter, New York Fed President Williams speaks at the ECB monetary market conference.