Next week's macro outlook: non-farm "stealth", Fed officials will speak out intensively

Markets had been almost certain the Fed would cut interest rates again in December, but Mr. Powell's comments sparked a rethink, meaning Fed officials' speeches starting next week could be crucial as governors and regional Fed presidents resume public appearances to lay the groundwork for crucial December meetings.
Under normal circumstances, next week would have been the week of non-farm payrolls. However, as the US government shutdown enters its second month, the regular schedule will not materialize. The chances of the US Bureau of Labor Statistics (BLS) releasing non-farm payrolls data on Friday are rather slim. Fortunately, there will be a large amount of US private sector data released next week. Specifically, the usually overlooked JOLTS job openings and Challenger layoffs data will receive the attention they deserve. Here are the key points that the market will focus on in the new week (all in Beijing time):
Tuesday at 01:00, the 2027 FOMC voting committee and San Francisco Federal Reserve President Daley delivered a speech.
Friday at 00:00, FOMC Permanent Voting Committee and New York Federal Reserve President Williams delivered a speech.
Friday at 01:00, the 2026 FOMC voting committee and Cleveland Federal Reserve President Hamak delivered a speech at the Economic Club of New York.
On Friday at 05:30, the 2026 FOMC voting committee and Philadelphia Federal Reserve President Paulson delivered a speech.
On Friday, at 06:30, the 2025 FOMC voting committee and St. Louis Federal Reserve President Musalem held a fireside chat on monetary policy.
On Friday at 16:00, the FOMC permanent voting committee and New York Federal Reserve President Williams delivered a speech at the European Central Bank's money market meeting.