Macro Outlook for Next Week: New York Fed 1-Year Inflation Expectations, New Tariff Red Line Ignites the "Last Battle"

On August 2, due to the unexpectedly weak employment report released on Friday, market expectations for a Fed rate cut surged. Trump's new tariffs will take effect on August 7, with tariffs on all other countries in the U.S. set at a minimum of 10%, while several countries like Switzerland and India face punitive tariff rates of 39% and 25%, respectively. Some countries may still negotiate for lower rates. On Monday at 22:00, U.S. June factory orders month-on-month; on Tuesday at 21:45, U.S. July S&P Global services PMI final; on Tuesday at 22:00, U.S. July ISM non-manufacturing PMI; on Thursday at 20:30, U.S. initial jobless claims for the week ending August 2; on Thursday at 23:00, U.S. July New York Fed 1-year inflation expectations.