Macro outlook for next week: Federal Reserve decision+non farm "super week" approaching

This week, driven by favorable factors such as the US Japan trade agreement and the US AI plan, the S&P 500 index and Nasdaq index continued to hit historic highs. In terms of expected interest rate cuts, the White House continues to pressure Federal Reserve Chairman Powell, with Trump urging Powell to cut interest rates in person, marking the first visit by a US president to the Federal Reserve headquarters in nearly 20 years; US Treasury Secretary Besson plans to confirm the new chairman of the Federal Reserve in advance by the end of the year. Looking ahead to next week, the US stock market will usher in a heavyweight macro+earnings week, and the Federal Reserve will announce its interest rate decision next Thursday; In terms of tariffs, the deadline for Trump's tariffs is approaching on August 1st, and China and the United States will begin a new round of 4-day economic and trade negotiations on Sunday. 1. Monday (July 28): China and the United States held economic and trade talks in Sweden (27-30), and the Dallas Fed Manufacturing Activity Index for July. 2. Tuesday (July 29th): Initial wholesale inventory monthly rate for June in the United States, Consumer Confidence Index from the US Conference Board for July, JOLTs job vacancies for June, and the start of the Federal Reserve's two-day monetary policy meeting. 3. Wednesday (July 30th): US Q2 GDP series data, Federal Reserve interest rate decision, and Powell press conference. 4. Thursday (July 31st): China's official manufacturing PMI for July, Bank of Japan interest rate decision, number of layoffs by challenger companies in the United States in July, annual PCE price index for June, and initial jobless claims for the week ending July 26th. 5. Friday (August 1st): The originally set July 9th deadline for Trump's tariffs has been extended to August 1st, Hong Kong's stablecoin regulations have been implemented, the US July non farm payroll report, Eurozone July CPI data, and US July ISM manufacturing PMI.