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Next Week Macro Outlook: Fed Congressional Hearing Overlaps with CPI Release, Market Awaits Further Rate Hike Clues

BlockBeats News, July 11th. This week, the tension between the U.S. and Iran escalated sharply, with both sides launching attacks, causing the fragile three-week ceasefire to collapse. The inflationary pressure driven by the rise in oil prices has reignited expectations of the Fed tightening its policy. Meanwhile, the U.S. stock market almost ignored the geopolitical uncertainty, and the "AI trading" craze revived. The S&P 500 index approached a historical high, with both the S&P 500 and Nasdaq recording a two-week winning streak. SK Hynix's ADR soared 13% on its first day of trading, and its $26.5 billion fundraising amount made it the largest foreign company IPO in U.S. history. In the coming week, developments such as the U.S.-Iran situation, U.S. CPI data, and speeches from Fed officials will influence Wall Street. There is particularly high anticipation for Fed Chair Powell's testimony before Congress, where people hope to gain more clues on the interest rate outlook. However, his determination to abandon forward guidance makes such expectations uncertain. A preview of next week's macroeconomic events is as follows:

Monday

Fed Governor Waller speaks

Tuesday

ADP Employment Change up to June 27th

U.S. June CPI, Core CPI

Fed Chair Powell testifies before the House Financial Services Committee on the "Fed Semiannual Monetary Policy Report"

FOMC Voter 2027 and Chicago Fed President Evans participate in a fireside chat

Wednesday

U.S. June PPI, Core PPI

FOMC Permanent Voter and New York Fed President Williams speak

Fed Chair Powell testifies before the Senate Banking, Housing, and Urban Affairs Committee on the "Fed Semiannual Monetary Policy Report"

Fed releases Beige Book