Macroeconomic Outlook for Next Week: The Fed will announce its interest rate decision on Thursday, followed by a press conference with Powell.

On October 25, next week, due to the continued government shutdown in the United States, there will be less important data coming from the U.S. However, many central banks will hold monetary policy meetings, including the Fed, ECB, and BOJ. Here are the key points the market will focus on in the new week (all times are in Beijing time): Thursday 02:00, the Fed releases its interest rate decision; Thursday 02:30, Fed Chair Powell holds a monetary policy press conference; Friday 01:15, 2026 FOMC voter, Dallas Fed President Logan speaks; Friday 21:30, 2026 FOMC voter, Dallas Fed President Logan speaks; Before gaining a clearer understanding of inflation and the labor market, Powell is unlikely to significantly change his language regarding the future policy path when announcing a 25 basis point rate cut. Therefore, considering the recent tensions in trade relations and the ongoing government shutdown, Powell and his colleagues' statements on Thursday may appear somewhat dovish, but the extent may not be too large. Even dovish members like Waller are reluctant to commit in advance to a series of rate cuts. If the Fed questions the market's expectation of a 100 basis point rate cut after October, the risk of disappointment among traders will increase. (Jin10)