Congress Hearing of Waller and CPI Data to Impact Market Interest Rate Outlook

On July 11, tensions between the U.S. and Iran escalated, with a ceasefire agreement breaking down, leading to rising oil prices that intensified inflationary pressures and fueled expectations for tighter monetary policy from the Federal Reserve. U.S. stocks largely ignored geopolitical uncertainties, with the S&P 500 approaching historical highs and the Nasdaq rising for two consecutive weeks. SK Hynix's ADR surged 13% on its first day, becoming the highest fundraising foreign company IPO in U.S. stock market history. In the coming week, the U.S.-Iran situation, U.S. CPI and other economic data, as well as speeches from Federal Reserve officials, will influence the market, particularly comments from Fed Chair Waller during the congressional hearing, as the market anticipates more clues regarding the interest rate outlook. The macroeconomic data events scheduled for next week are as follows: On Monday, Fed Governor Waller will speak; on Tuesday, the ADP employment numbers for the week ending June 27, June CPI, and core CPI data will be released, and Waller will attend a hearing of the House Financial Services Committee; on Wednesday, Goolsbee will participate in a fireside chat, releasing June PPI and core PPI, Williams will speak, and Waller will attend a Senate hearing to present the Beige Book on economic conditions; on Thursday, initial jobless claims for the week ending July 11, June retail sales month-on-month, and the July Philadelphia Fed Manufacturing Index will be released, with Logan and Jefferson delivering speeches.

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