Next Week's Macro Outlook: Non-Farm "Invisible" and The Federal Reserve Officials to Speak Intensively

On November 1, the marketplace was almost certain that the Federal Reserve would cut interest rates again in December, but Powell's remarks prompted a rethinking. This means that as Federal Reserve Board members and regional Federal Reserve presidents resume public appearances to lay the groundwork for the critical December meeting, speeches by Federal Reserve officials starting next week could be crucial.

Under normal circumstances, next week would be the week for the release of non-farm employment data. However, with the U.S. government shutdown entering its second month, the regular schedule will not be feasible. The U.S. Bureau of Labor Statistics (BLS) has a slim chance of posting non-farm employment data on Friday. Fortunately, a large amount of U.S. private sector data will be released next week. Specifically, the often-overlooked JOLTS job openings and Challenger layoffs data will receive proper attention. Here are the key points the marketplace will focus on during the new week (all times Beijing):

- Tuesday 01:00, Speech by Federal Open Market Committee (FOMC) voter and San Francisco Fed President Daly;
- Friday 00:00, Speech by FOMC permanent voter and New York Fed President Williams;
- Friday 01:00, Speech by FOMC voter and Cleveland Fed President Harker at the New York Economic Club;
- Friday 05:30, Speech by FOMC voter and Philadelphia Fed President Powelson;
- Friday 06:30, Fireside chat on monetary policy by FOMC voter and St. Louis Fed President Moussounis;
- Friday 16:00, Speech by FOMC permanent voter and New York Fed President Williams at the European Central Bank's monetary market conference.