**[Next Week's Macro Outlook: CPI Faces Off Against Fed Firepower, Fed Officials Speak Intensively]** In the first full trading week of 2026, cross-asset markets rallied in unison, and Wall Street's risk sentiment is flourishing once again. This week, spot gold rose over 4%, gaining more than $177 in total, while spot silver surged nearly 10%, adding over $7. Driven by geopolitical instability and shifting expectations around Federal Reserve monetary policy, the precious metals complex demonstrated extraordinary strength. Next Tuesday, the U.S. will release the December Consumer Price Index (CPI), which could significantly influence market sentiment and determine the trajectory of gold and silver prices in the coming week. Below are the key events the market will focus on in the new week: - **Tuesday 01:30**: 2027 FOMC voting member, Atlanta Fed President Raphael Bostic, delivers a speech. - **Tuesday 01:45**: 2027 FOMC voting member, Richmond Fed President Thomas Barkin, delivers a speech. - **Tuesday 07:00**: Permanent FOMC voting member, New York Fed President John Williams, delivers a speech. - **Tuesday 23:00**: 2028 FOMC voting member, St. Louis Fed President Kathy Mester, delivers a speech. - **Wednesday 05:00**: 2027 FOMC voting member, Richmond Fed President Thomas Barkin, delivers a speech. - **Wednesday 21:30**: U.S. November retail sales month-over-month, U.S. November PPI year-over-year/month-over-month, U.S. Q3 current account balance. - **Wednesday 22:50**: 2026 FOMC voting member, Philadelphia Fed President Patrick Harker, delivers a speech on the economic outlook. - **Wednesday 23:00**: Fed Governor Lisa Cook delivers a speech in Athens. - **Thursday 01:00**: 2026 FOMC voting member, Minneapolis Fed President Neel Kashkari, delivers a speech; 2027 FOMC voting member, Atlanta Fed President Raphael Bostic, delivers a speech. - **Thursday 03:00**: The Federal Reserve releases the Beige Book on economic conditions. - **Thursday 03:10**: Permanent FOMC voting member, New York Fed President John Williams, delivers opening remarks at an event. - **Thursday 21:30**: U.S. initial jobless claims for the week ending January 10, U.S. January New York Fed/Philadelphia Fed Manufacturing Index, U.S. November import price index month-over-month. - **Thursday 21:35**: 2027 FOMC voting member, Atlanta Fed President Raphael Bostic, delivers a speech. - **Friday 01:40**: 2027 FOMC voting member, Richmond Fed President Thomas Barkin, delivers a speech on Virginia's economic outlook.