Sharing a weekly outlook from Jinshi along with my own interpretation. Next week, the main focus will be on the speeches from Fed voting members before the blackout period. Here's the schedule: - Wednesday 22:20: Permanent FOMC voting member and New York Fed President Williams speaks. - Wednesday 23:00: 2026 FOMC voting member and Philadelphia Fed President Harker speaks on fintech. - Thursday 1:15: 2027 FOMC voting member and Atlanta Fed President Bostic speaks. - Friday 1:15: 2025 FOMC voting member and St. Louis Fed President Bullard speaks on monetary policy. - Friday 1:20: 2026 FOMC voting member and Cleveland Fed President Mester joins a fireside chat. - Friday 22:20: 2027 FOMC voting member and Atlanta Fed President Bostic speaks again. - Friday 23:05: 2025 FOMC voting member and Kansas City Fed President George speaks on economic outlook and monetary policy. It’s clear these speeches will be a mix of hawkish and dovish tones. Honestly, with the December rate cut already a done deal, these speeches are just material for market speculation. Next week, the market will likely finalize its repricing of the December rate cut probability and the timeline for the government reopening. This afternoon, a lot of social media accounts suddenly started reposting an old news piece from Securities Daily claiming Powell won’t cut rates during his term. That’s just absurd. Not to mention Powell’s term still has six months left, and unless something unexpected happens, December is definitely going to see a rate cut. The U.S. market is already on the verge of a liquidity crisis that could crash AI stocks and bury the economy. The Fed is so spooked that it’s already promised Wall Street to stop quantitative tightening on December 1. Who would dare skip the December rate cut under such circumstances? Powell is retiring, sure, but that’s all the more reason for him to protect his legacy and finish strong. He’ll make sure everything ends smoothly so everyone’s happy. But the real focus should still be on when the government will resume operations. The U.S. government shutdown has already broken historical records. Last month’s CPI data was released despite the shutdown, but this time it’s likely to be completely abandoned. Labor Department employees are at home, and the lack of on-the-ground data collection will make publishing the data extremely difficult. Even if they force it out, the credibility of the data will be highly questionable.