PANews reported on January 11 that this week was full of major events. The first non-farm payrolls report at the beginning of the year exceeded expectations and triggered sharp market fluctuations. The report showed that the United States added 256,000 jobs in December last year, far higher than the expected 165,000. The number of jobs in the past two months was revised down by 8,000. The unemployment rate fell from 4.2% to 4.1%, while the unemployment rate was expected to remain at 4.2% or may rise to 4.3%. Wages rose by 0.3% month-on-month, and year-on-year wage growth slowed from 4% to 3.9%. This data led to a sell-off in the US stock market. The strong non-farm payrolls report triggered new market concerns about inflation and made people think that the Federal Reserve will be more cautious in cutting interest rates this year. The S&P 500 index fell to a one-week low. Bank of America has said that they currently expect the Federal Reserve to not cut interest rates in 2025. Next week, the United States will release a number of heavy data, including PPI, CPI and "terror data", which will continue to bring volatility to the market. The following are the key points that the market will focus on in the new week:

Tuesday 00:00, US New York Fed 1-year inflation expectations for December;

At 21:30 on Tuesday, the US December PPI data will be released;

At 23:00 on Tuesday, 2025 FOMC voting member and Kansas Fed President Schmid will deliver a speech;

At 04:00 on Wednesday, FOMC permanent voting member and New York Fed President Williams delivered an opening speech at an event;

At 21:00 on Wednesday, Barkin, 2027 FOMC voting member and Richmond Fed President, will deliver a speech;

At 21:30 on Wednesday, the US December CPI data and the US January New York Fed manufacturing index will be released;

At 23:00 on Wednesday, Kashkari, 2026 FOMC voting member and President of the Minneapolis Fed, delivered a welcome speech and participated in a fireside chat at the online regional economic conference hosted by the Minneapolis Fed;

At 00:00 on Thursday, FOMC permanent voting member and New York Fed President Williams delivered a speech;

At 01:00 on Thursday, Goolsbee, 2025 FOMC voting member and president of the Chicago Fed, will deliver a speech;

At 03:00 on Thursday, the Federal Reserve will release the Beige Book on economic conditions;

At 21:30 on Thursday, the number of initial jobless claims in the United States for the week ending January 11 and the monthly retail sales rate in December will be released.

As the Fed shifts to a more cautious stance, there were some encouraging signs in the November CPI report that price increases in housing and broader service categories, the biggest contributors to inflation stickiness, have begun to moderate. This leaves the CPI data due next Wednesday with the potential for a downside surprise, but any deceleration is more likely to occur in the first few months of 2025 than in December. Before the CPI data, investors will focus on the U.S. PPI data for December, due next Tuesday, while on Thursday, all eyes will be on the retail sales data, known as the "horror data."