Next Week's Macro Outlook: Nonfarm Payrolls "Disappear," Federal Reserve Officials to Speak Intensively

ChainCatcher News, according to Golden Ten Data, the market was previously almost certain that the Federal Reserve would cut rates again in December, but Powell's remarks have prompted a reassessment. This means that, as Federal Reserve governors and regional Fed presidents resume public appearances to lay the groundwork for the key December meeting, speeches by Fed officials starting next week could be crucial.

Under normal circumstances, next week would have been the week for the release of non-farm payroll data. However, as the U.S. government shutdown enters its second month, the regular schedule will not be possible. 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 large amount of U.S. private sector data released next week. Specifically, the usually overlooked JOLTS job openings and Challenger layoff data will receive the attention they deserve. The following are the key points the market will focus on in the new week (all times UTC+8):

Tuesday 01:00 (UTC+8), 2027 FOMC voting member and San Francisco Fed President Daly delivers a speech;

Friday 00:00 (UTC+8), permanent FOMC voting member and New York Fed President Williams delivers a speech;

Friday 01:00 (UTC+8), 2026 FOMC voting member and Cleveland Fed President Harker delivers a speech at the New York Economic Club;

Friday 05:30 (UTC+8), 2026 FOMC voting member and Philadelphia Fed President Harker delivers a speech;

Friday 06:30 (UTC+8), 2025 FOMC voting member and St. Louis Fed President Musalem holds a fireside chat on monetary policy;

Friday 16:00 (UTC+8), permanent FOMC voting member and New York Fed President Williams delivers a speech at the European Central Bank Money Market Conference.