Macroeconomic Outlook for This Week: Core Discrepancies in US-Iran Agreement Persist, US and Japan Central Banks to Make Frequent Statements

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On May 25, there was limited progress on the US-Iran agreement over the weekend, but significant discrepancies remain on the core issue of Iran's nuclear program. This week, the direction of related events will be a key focus for traders. On the macroeconomic front, officials from the US and Japanese central banks will be making frequent statements next week, which may clarify the next phase of interest rate expectations: On Tuesday at 22:00, the US Conference Board Consumer Confidence Index for May will be released; on Wednesday at 08:00, Bank of Japan Governor Kazuo Ueda will speak at a monetary policy meeting hosted by the Bank of Japan; on Wednesday at 20:15, the ADP employment change for the week ending May 9 will be announced; on Thursday at 20:30, Canada’s first-quarter current account, initial jobless claims in the US for the week ending May 23, the US core PCE price index year-on-year for April, the US personal spending month-on-month for April, the revised annualized quarterly GDP for the US in the first quarter, the US core PCE price index month-on-month for April, and the US durable goods orders month-on-month for April will be released; on Thursday at 20:55, FOMC permanent voting member and New York Fed President John Williams will deliver a keynote speech at a conference organized by the Central Bank of Iceland; on Thursday at 22:15, 2028 FOMC voting member and St. Louis Fed President James Bullard will speak; on Friday at 07:30, Japan's unemployment rate for April will be announced; on Friday at 18:50, 2028 FOMC voting member and Kansas Fed President Esther George will speak; and on Friday at 21:10, Federal Reserve Governor Michelle Bowman will also speak. Additionally, on Monday (May 25), US stock markets will be closed for Memorial Day, with trading in precious metals and US oil futures on the CME suspended at 02:30 Beijing time on May 26, and trading in US stock and bond futures suspended at 01:00 Beijing time on May 26; trading in Brent crude oil futures on the Intercontinental Exchange will end early at 01:30 Beijing time on May 26.
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