Last week, U.S. economic data was mixed, leading to continued fluctuations in the market's expectations for a Fed rate cut. Consumer confidence unexpectedly declined for the first time since April, but inflation expectations rose. This complex situation caused the dollar index to fall below the 98 mark for two consecutive weeks, while U.S. Treasury yields generally rose, especially with long-term yields performing notably, as the 10-year Treasury yield reached a two-week high.

Investors are now focusing on the upcoming annual policy symposium of the Fed to be held in Jackson Hole, Wyoming, hoping to find clues about potential rate cut paths. In the coming week, the market will closely monitor the following important events:

1. Fed Governor Waller will give a speech at the blockchain seminar in Wyoming;
2. The Fed will release the minutes of the monetary policy meeting;
3. In 2027, FOMC voting members and Atlanta Fed President Bostic will speak on the economic outlook.
4. The U.S. will release the latest weekly initial jobless claims number;
5. Fed Chairman Powell will deliver an important speech at the Jackson Hole Global Central Bank Annual Meeting.

In addition, the upcoming PMI data from Europe and the United States is also attracting attention, as this data will provide more basis for assessing the impact of tariff policies on the economy. Analysts point out that with the implementation of reciprocal tariff measures, the data on input costs in the PMI survey may reflect the actual impact of trade frictions.

Currently, concerns about slowing global economic growth and uncertainties in trade are intertwining, making the market's expectations for the Fed's future policy direction more complex. Investors will closely monitor Chairman Powell's speech in hopes of gaining more clues about the Fed's assessment of the economic situation and future monetary policy tendencies. At the same time, the performance of economic data will also be a key factor influencing market sentiment and policy expectations.