**[Next Week's Macro Outlook: Nonfarm Payrolls "Invisible," Fed Officials to Speak Intensively]** Reported by Golden Finance, citing Jinshi News, the market was almost certain that the Federal Reserve would cut interest rates again in December, but Powell's remarks have prompted a reassessment. This means that as Federal Reserve governors and regional Fed presidents resume public appearances to lay the groundwork for the critical December meeting, the speeches by Fed officials starting next week could be crucial. Under normal circumstances, next week would be the week for the release of nonfarm payroll data. However, with the U.S. government shutdown entering its second month, the regular schedule will not be realized. The chances of the U.S. Bureau of Labor Statistics (BLS) releasing nonfarm payroll data on Friday are quite slim. Fortunately, a large amount of U.S. private sector data will be released next week. Specifically, the often-overlooked JOLTS job openings and Challenger layoff data will receive the attention they deserve. Below are the key points the market will focus on in the new week (all times in Beijing Time): - **Tuesday, 01:00**: 2027 FOMC voting member and San Francisco Fed President Mary Daly delivers a speech; - **Friday, 00:00**: Permanent FOMC voting member and New York Fed President John Williams delivers a speech; - **Friday, 01:00**: 2026 FOMC voting member and Cleveland Fed President Loretta Mester speaks at the New York Economic Club; - **Friday, 05:30**: 2026 FOMC voting member and Philadelphia Fed President Patrick Harker delivers a speech; - **Friday, 06:30**: 2025 FOMC voting member and St. Louis Fed President James Bullard participates in a fireside chat on monetary policy; - **Friday, 16:00**: Permanent FOMC voting member and New York Fed President John Williams speaks at the European Central Bank's Money Market Conference.