Macro outlook for next week: CPI Judgment Day is approaching, Bitcoin may continue to hit historic highs The following are the key points that the market will focus on in the new week: On Tuesday at 14:45, Collins, the chairman of the Boston Federal Reserve and the chairman of the FOMC in 2025, delivered a speech; At 21:15 on Tuesday, Federal Reserve Governor Bauman delivered a welcome speech at a meeting hosted by the Federal Reserve; On Wednesday at 00:45, Federal Reserve Governor Barr delivered a speech at a conference hosted by the Federal Reserve; On Wednesday at 02:45, Collins, the chairman of the Boston Fed and a member of the FOMC voting committee in 2025, delivered a speech; On Wednesday at 07:45, Dallas Fed President Logan delivered a speech on the US economy; At 21:15 on Wednesday, Cleveland Fed President Hamack delivered a speech; At 02:00 on Thursday, the Federal Reserve released its economic status brown book; At 20:30 on Thursday, the monthly retail sales rate for June in the United States, the number of initial jobless claims for the week ending July 12th, the Philadelphia Fed Manufacturing Index for July, and the monthly import price index for June; At 05:30 on Thursday, FOMC Permanent Voting Committee and New York Fed Chairman Williams delivered a speech on the US economy and monetary policy; At 22:00 on Friday, the initial expectation for the one-year inflation rate in the United States for July. The risk of the US CPI seems to lean towards a downward trend, and a slowdown in inflation may prompt some market participants to restart their bets on the possibility of a July rate cut, which in turn could end the recent recovery of the US dollar. At present, the market predicts that the data will rise, with the annual rate rising from 2.4% in May to 2.7% and the monthly rate rising from 0.1% to 0.3%. If this expectation is true, it will undoubtedly be a major blow to the Federal Reserve's interest rate cuts.