Next Week's Macroeconomic Outlook: The US Says Goodbye to the Top Credit Rating Club, and the Stock Market Rebound May Come to an End

PANews reported on May 17 that as a significant consensus on the trade agreement was reached between the US and China earlier this week, market risk appetite began to recover, with major Wall Street indices ending the week on a positive note. The S&P 500 Index is set to achieve its fifth consecutive trading day of gains, with all three major US indices closing the week up. The S&P 500 Index has recovered all its losses for the year, currently only about 4% lower than its historical peak. Looking ahead to next week, US data is relatively lukewarm, but many Fed officials will be making speeches. Additionally, Moody's downgrade of the US rating may stir significant volatility at the market's opening next Monday. Here are the key points the market will focus on in the new week:

Monday at 05:20, New York Fed President Williams will deliver a graduation speech at Hofstra University in Hempstead, New York.

Monday at 20:30, Atlanta Fed President Bostic will attend the Atlanta Fed's 2025 Financial Markets Conference and deliver the opening remarks.

Monday at 20:45, Fed Vice Chair Jefferson and New York Fed President Williams will speak.

Tuesday at 01:15, Dallas Fed President Logan will host a panel discussion at the Atlanta Summit.

Tuesday at 21:00, Atlanta Fed President Bostic will deliver opening remarks at an event.

Tuesday at 21:00, Richmond Fed President Barkin will deliver opening remarks at the 2025 Investing in Rural America Conference.

Wednesday at 01:00, 2025 FOMC voting member and St. Louis Fed President Bullard will speak on the economic outlook and monetary policy.

Wednesday at 07:00, Atlanta Fed President Bostic will host a meeting, with Cleveland Fed President Mester and San Francisco Fed President Daly delivering keynote speeches.

Thursday at 00:00, Richmond Fed President Barkin will attend an event titled "Fed Listens."

Thursday at 20:30, US initial claims for unemployment benefits for the week ending May 17.

Thursday at 21:45, US May preliminary S&P Global Manufacturing and Services PMI.

Friday at 02:00, New York Fed President Williams will deliver a keynote speech at a monetary policy implementation seminar.

Traders will focus on the preliminary US PMI for May, but they may also pay attention to several Fed officials' speeches, as they might want to know whether the Fed continues to worry about economic growth or is more concerned about inflation prospects after finding some common ground between the US and China. An increase in PMI may indicate an improvement in business sentiment following the US-China agreement, but investors may hope to hear a clear statement from the Fed regarding their plans for the next steps.