Macro outlook next week: The Fed's "verbal storm" is coming, Powell's chair is unstable?

PANews reported on April 19 that the Dow and Nasdaq both fell more than 2% this week, with the S&P 500 falling by 1.5% weekly due to disappointment at Fed Chairman Powell's view of central bank support. Investors mostly take a wait-and-see attitude towards tariff negotiations before making long-term bets. Traders are paying more attention to the progress of the country’s discussions and seeking clues about how tariffs will evolve. Several Fed officials will make intensive speeches next week. Here are the key points that the market will focus on in the new week:

At 20:30 on Monday, the 2025 FOMC voter and Chicago Fed Chairman Goulsby was interviewed by CNBC;

At 21:00 on Tuesday, Fed Vice Chairman Jefferson delivered a speech at the Economic Liquidity Summit;

On Tuesday, 22:00, European Central Bank President Lagarde was interviewed by CNBC;

At 21:30 on Tuesday, 2026 FOMC voter and Philadelphia Fed Chairman Huck delivered a speech at the Economic Liquidity Summit;

On Wednesday, at 02:00, the 2026 FOMC voter and Minneapolis Fed Chairman Kashkali delivered a speech;

On Wednesday at 21:00, the 2025 FOMC voter and Chicago Fed Chairman Goulsby delivered an opening speech at an event;

On Wednesday, 21:30, the 2025 FOMC voter, St. Louis Fed Chairman Mousalem and Fed Governor Waller delivered opening speeches at an event;

At 02:00 on Thursday, the Federal Reserve released its Beige Book on Economic Conditions;

At 20:30 on Thursday, the number of people applying for unemployment benefits in the United States to the week of April 19;

At 05:00 on Friday, 2026 FOMC voter and Minneapolis Fed Chairman Kashkali delivered a speech;

At 22:00 on Friday, the final value of the University of Michigan Consumer Confidence Index in April and the final value of the expected inflation rate in April.

Hassett, director of the U.S. National Economic Commission, said Trump is studying whether "removing Federal Reserve Chairman Powell" is an option. Hassett hinted that the Federal Reserve is politically oriented under Powell's leadership, and that both interest rate hikes and interest rate cuts are beneficial to the Democrats. The Trump administration's efforts to remove Powell could further disrupt the market. Krishna Guha, vice chairman of Wall Street consultant Evercore ISI, warned: The sudden clear threat to Fed independence will increase market pressure and move it in a direction of more stagflation, significantly increasing tail risks.