Next week's macro outlook: The first non-farm payroll report after the standstill arrives, and the "civil war" within the Federal Reserve escalates

According to Jin Ten, as the relief brought by the historic U.S. government shutdown ends gradually, coupled with a wave of economic data about to flood the market and concerns over whether the Federal Reserve can successfully cut interest rates in December, cautious sentiment prevails on Wall Street this week. The upcoming return of U.S. economic data is likely to increase market volatility. Here are the key points the market will focus on in the new week (all times are in Beijing time):

Tuesday 02:00: 2026 FOMC voter, Minneapolis Fed President Kashkari will host a fireside chat;

Thursday 03:00: The Federal Reserve will release the minutes of the monetary policy meeting, and FOMC permanent voter, New York Fed President Williams will speak;

Friday 02:40: 2025 FOMC voter, Chicago Fed President Goolsbee will speak;

Friday 05:30: 2026 FOMC voter, Philadelphia Fed President Harker will speak on the economic outlook;

Friday 20:30: FOMC permanent voter, New York Fed President Williams will speak;

Friday 22:00: 2026 FOMC voter, Dallas Fed President Logan will participate in a panel discussion at the "2025 Swiss National Bank and its Observers" event.

The U.S. Bureau of Labor Statistics announced on Friday that it will release the highly anticipated September employment situation report next Thursday (November 20). This report was originally scheduled for release on October 3. The agency also stated that it will release the inflation-adjusted real income data for September next Friday (November 21). In addition, Nvidia is set to release its earnings report next Wednesday.