[Next Week's Macro Outlook: CPI Faces Off Against Fed Firepower, Geopolitical Tensions Meet Index Sell-Off Wave] BlockBeats News, January 10 – In the first full trading week of 2026, cross-asset classes rallied in unison, and Wall Street's risk sentiment is flourishing once again. Investors' appetite for risk is evident. The S&P 500 Index rose 1.6% this week, while the Russell 2000 Index surged 4.6%. The Vanguard S&P 500 ETF (VOO) attracted $10 billion in just a few days—an astonishing pace for a passive fund. These mark a strong start to the year. On Tuesday at 21:30, the U.S. December CPI year-over-year (not seasonally adjusted), seasonally adjusted CPI month-over-month, seasonally adjusted core CPI month-over-month, and not seasonally adjusted core CPI year-over-year will be released. On Wednesday at 21:30, the U.S. November retail sales month-over-month, U.S. November PPI year-over-year/month-over-month, and U.S. Q3 current account data will be released. On Thursday at 21:30, the U.S. initial jobless claims for the week ending January 10, the U.S. January New York Fed/Philadelphia Fed manufacturing indices, and the U.S. November import price index month-over-month will be released. Additionally, Federal Reserve officials will deliver a series of speeches next week. Before Powell's successor takes office, it is unlikely that interest rates will be cut, as shown in the attached chart. Strategists from Bank of America's Global Research Division stated that Friday's data reinforced their belief that the Federal Reserve will not cut rates again before the new Fed Chair takes office. Next week, U.S. Secretary of State Rubio plans to meet with officials from Denmark and Greenland. Nationwide unrest in Iran, triggered by anti-government protests (including in the capital, Tehran), may also impact market risk sentiment in the short term.