【Next Week’s Major Events and Data Previews—US CPI Data to Be Released, Intensive Speeches by Fed Officials, and Powell’s Term as Fed Chair to End; China’s April CPI to Be Released Monday】

1. Monday: ①Data: China April CPI year-over-year, China April M2 money supply year-over-year (TBD); US April existing home sales (annualized). ②Events: US Treasury Secretary Bessent visits Japan and meets with the Japanese Prime Minister, the central bank governor, and the finance minister.
2. Tuesday: ①Data: Germany April CPI final value (month-over-month), Germany May ZEW Economic Sentiment Index; Eurozone May ZEW Economic Sentiment Index; US April NFIB Small Business Confidence Index, US weekly change in ADP employment through April 25, US April unadjusted CPI year-over-year, US April seasonally adjusted CPI month-over-month, US April seasonally adjusted core CPI month-over-month, US April unadjusted core CPI year-over-year. ②Events: The Bank of Japan releases a summary of the opinions of the monetary policy meeting deliberation members for April; FOMC permanent voting member and New York Fed President Williams participates in a panel discussion on monetary policy; JD.com earnings call.
3. Wednesday: ①Data: US 10-year Treasury auction—through May 12—stop-out yield, US 10-year Treasury auction—through May 12—bid-to-cover ratio; US week through May 8—API, EIA crude oil inventories data; Japan March trade balance; France Q1 ILO unemployment rate, France April CPI final value (month-over-month); Eurozone Q1 GDP revised year-over-year, Eurozone Q1 seasonally adjusted employment initial estimate (quarter-over-quarter), Eurozone March industrial production month-over-month; US April PPI year-over-year, US April PPI month-over-month. ②Events: EIA releases its monthly Short-Term Energy Outlook report; OPEC releases its Monthly Oil Market Report; Chicago Fed President Goolsbee participates in a Q&A session held by the local chamber of commerce; IEA releases its monthly oil market report; Alibaba earnings call; Tencent earnings call; 2028 FOMC voting member and Boston Fed President Collins delivers remarks at the Boston Economic Club.
4. Thursday: ①Data: UK Q1 GDP initial estimate year-over-year, UK March three-month GDP month-over-month, UK March manufacturing output month-over-month, UK March seasonally adjusted goods trade balance, UK March industrial output month-over-month; Canada March wholesale sales month-over-month; US weekly initial jobless claims through May 9, US April retail sales month-over-month, US April import price index month-over-month, US March business inventories month-over-month, US EIA natural gas inventories through May 8. ②Events: 2026 FOMC voting member and Minneapolis Fed President Kashkari participates in a discussion hosted by the local chamber of commerce; Bank of Canada releases the minutes of the monetary policy meeting; 2026 FOMC voting member and Dallas Fed President Logan participates in a dialogue on the energy industry.
5. Friday: ①Data: US May New York Fed manufacturing index, US April industrial production month-over-month; China April total social electricity consumption year-over-year (TBD), China April total social electricity consumption (TBD). ②Events: Powell’s term as Fed Chair ends; 2026 FOMC voting member and Cleveland Fed President Hämmerik delivers opening remarks at an online discussion on central bank independence; Fed Governor Barr delivers remarks; FOMC permanent voting member and New York Fed President Williams participates in a discussion.
6. Saturday: ①Data: US weekly oil rig count through May 15.