Macro outlook next week: market expects the Fed to be more dovish, and stagflation doubts still need to be solved

PANews March 23 news: The impact of the Federal Reserve meeting in the past week has been mixed, and its inclusion of stagflation risks in the latest economic forecasts seems to contradict Fed Chairman Powell's assurance of economic stability. Meanwhile, with the looming deadline for Trump to impose widespread reciprocal tariffs (April 2), these factors have led to turmoil in global financial markets, here are the key points that markets will focus on in the new week:

Monday at 21:45, the final value of the S&P Global Manufacturing and Services PMI in February;

On Tuesday, 21:05, FOMC Permanent Voting Committee and New York Fed Chairman Williams delivered an opening speech at an event;

On Tuesday at 22:00, the US March Consultative Chamber of Commerce Consumer Confidence Index and the US March Richmond Fed Manufacturing Index;

On Thursday, 2025 FOMC voter and Chairman of the St. Louis Fed Mousalem delivered a speech;

At 20:30 on Thursday, the number of people applying for unemployment benefits in the United States to the week of March 22;

At 20:30 on Thursday, the final value of the annualized quarterly rate of the US real GDP in the fourth quarter, the final value of the actual personal consumption expenditure, and the final value of the annualized quarterly rate of the core PCE price index;

At 20:30 on Friday, the annual rate of the core PCE price index in the United States, the monthly rate of personal expenditure, and the monthly rate of the core PCE price index in February.

Although the Fed said it was not in a hurry to cut interest rates, market expectations were more dovish. Investors believe the Fed is likely to cut interest rates three times this year, as it bets that the U.S. economy will slow down more than the Fed expects, meaning growth data may be the focus in the coming months.