Next week's macro outlook: The highly controversial interest rate cut from the Federal Reserve is approaching, and gold enters a mode of great volatility.

As U.S. economic data such as the "small non-farm" and PCE broadly supports expectations for the Federal Reserve's interest rate cut next week, Wall Street's panic comes and goes swiftly, and investors return to low volatility, high confidence bets on risk assets. The Federal Reserve's interest rate decision will be the focus next week, following recent weak U.S. employment data, with the market widely expecting the Fed to cut rates. Here are the key points the market will focus on in the new week:

Tuesday 0:00, U.S. November New York Fed 1-year inflation expectations;

Tuesday 23:00, U.S. October JOLTs job openings;

Wednesday 3:00, the Federal Reserve FOMC releases the interest rate decision and economic projections summary; 3:30, Federal Reserve Chairman Powell holds a monetary policy press conference;

Thursday 21:30, U.S. initial jobless claims for the week ending December 6, U.S. September trade balance;

Friday 1:00, the Federal Reserve releases data on the financial health of U.S. households in the 2025 Q3 flow of funds report;

Friday 21:00, 2026 FOMC voting member, Philadelphia Fed President Harker speaks on economic outlook; 21:30, 2026 FOMC voting member, Cleveland Fed President Mester speaks;

Friday 23:35, Chicago Fed President Goolsbee participates in a dialogue with the host before the 39th Annual Economic Outlook Symposium of the Chicago Fed.

The Federal Reserve's dot plot from September suggests two interest rate cuts in 2026. In contrast, the current market anticipates 63 basis points of easing in 2026, indicating a greater likelihood of bets on three rate cuts next year.