Macroeconomic Outlook for Next Week: Middle East Situation and Core PCE Data in Focus, Micron to Rel

On June 20, market attention next week will continue to revolve around Middle Eastern geopolitical issues and U.S. PCE data. Here are the key points the market will focus on in the coming week (all times in Beijing): Thursday at 04:00, the Federal Reserve will announce the results of its annual bank stress tests; Thursday at 20:30, the U.S. will release initial jobless claims for the week ending June 20, the year-on-year core PCE price index for May, the month-on-month personal spending for May, the final annualized quarterly real GDP for Q1, the preliminary quarterly real personal consumption expenditures for Q1, the final quarterly real personal consumption expenditures for Q1, the final annualized quarterly core PCE price index for Q1, the month-on-month core PCE price index for May, and the month-on-month durable goods orders for May; Friday at 03:40, FOMC permanent voting member and New York Fed President Williams will speak; Friday at 06:30, 2027 FOMC voting member and Chicago Fed President Goolsbee will speak; Friday at 23:30, 2026 FOMC voting member and Minneapolis Fed President Kashkari will speak. The core PCE price index, which the Federal Reserve currently prioritizes, will be released next Thursday, along with personal income and spending data for May. According to the Cleveland Fed's inflation forecasting model, the core PCE for May is expected to remain unchanged at 3.3%, while the overall PCE is expected to rise slightly from 3.8% to 4.0%. Memory chip manufacturer Micron Technology (MU) will release its quarterly earnings after the U.S. market closes on June 24 (Wednesday), which will be a key indicator for measuring chip demand, allowing the market to observe whether this demand continues to accelerate. The company has guided for revenue of $33.5 billion with a gross margin of approximately 81%.