Macro outlook for next week: Trump seeks fault everywhere, Powell will 'go to the meeting alone' The missile exchange between Israel and Iran continued over the past week, but with Trump's announcement on Friday to postpone the decision to strike Iran and Federal Reserve Governor Waller's support for a rate cut in July, the US stock market opened higher and then fell due to the drag of chip stocks. The S&P 500 index fell 0.22%, the Nasdaq fell 0.51%, and the Dow Jones Industrial Average rose sharply with Apple's support of over 2%. The following are the key points that the market will focus on in the new week: On Monday at 1:15, the Chairman of the FOMC and the San Francisco Fed, Daly, attended the Monetary Policy Insights panel discussion at the Western Economic Association's International 100th Annual Meeting; On Monday at 22:00, Federal Reserve Governor Bauman gave a speech on monetary policy and the banking industry; On Tuesday at 1:10, 2020, FOMC voting committee member and Chicago Fed Chairman Goolsby attended the Q&A session hosted by Milwaukee Business Journal's 2025 Mid Year Outlook Conference; At 2:30 on Tuesday, Federal Reserve Governor Cugler and FOMC Permanent Voting Committee, New York Fed Chairman Williams, presided over the "Fed Listen" event; On Tuesday at 21:15, the 2026 FOMC vote committee and Cleveland Fed Chairman Hamack delivered a speech on monetary policy; On Tuesday at 22:00, Federal Reserve Chairman Powell gave testimony on the semi annual monetary policy report to the House Financial Services Committee; On Wednesday at 0:30, FOMC permanent voting committee member and New York Fed Chairman Williams delivered a speech; On Wednesday at 22:00, Federal Reserve Chairman Powell testified before a Senate committee on the semi annual monetary policy report; At 20:30 on Thursday, the initial jobless claims for the week ending June 21 in the United States, the final annualized quarterly rate of real GDP for the first quarter of the year, the final quarterly rate of real personal consumption expenditure, the final annualized quarterly rate of the core PCE price index, and the monthly rate of durable goods orders for May in the United States; At 19:30 on Friday, FOMC Permanent Voting Committee and New York Fed Chairman Williams presided over the meeting at the 24th Annual Meeting of the Bank for International Settlements; At 20:30 on Friday, the annual rate of the core PCE price index, monthly rate of personal expenses, and monthly rate of the core PCE price index for May in the United States; On Friday at 21:15, the 2026 FOMC voting committee, Cleveland Fed Chairman Hamack, and Fed Governor Lisa Cook attended the "Fed Listen" event. In the coming week, headline news surrounding the Iran Israel conflict will continue to dominate the market. In addition, a series of policy makers led by Federal Reserve Chairman Powell may release more views on the path of interest rate cuts after the rate decision. Under Trump's continuous bombardment, the independence of the Federal Reserve has once again become a focus of attention. In terms of economic data, including US PCE and Eurozone PMI data, it will reveal the impact of Trump's tariff war.