**[Next Week's Macroeconomic Outlook: Trump Returns to Davos, Federal Reserve's Cook Case Goes to Trial]** According to Golden Finance, next week, Trump will lead a record-breaking U.S. delegation back to the Davos Forum and deliver a speech on "How We Work Together in a World of Increasing Competition." Whether topics such as tariff policies, military intervention in Venezuela, and the threat of acquiring Greenland will be discussed is a major point of interest. The U.S. Supreme Court will also hear the Federal Reserve Governor Cook case, as Trump seeks to replace him. A ruling on the legality of Trump's tariffs may also come next week. The upcoming macroeconomic events and data releases are as follows: **Monday:** - Trump leads the delegation to attend the Davos World Economic Forum Annual Meeting. - China releases its full-year 2025 GDP growth rate, fourth-quarter GDP annual rate, and total GDP for the year. **Wednesday:** - European Central Bank President Christine Lagarde and BlackRock CEO Larry Fink participate in a discussion at the World Economic Forum. - Trump delivers a speech at the World Economic Forum Annual Meeting on "How We Work Together in a World of Increasing Competition." **Thursday:** - The European Central Bank releases the minutes of its December monetary policy meeting. - U.S. initial jobless claims for the week ending January 17. - U.S. November Core PCE Price Index and monthly personal spending rate. - U.S. final readings for Q3 real GDP, Core PCE Price Index annualized quarterly rate, and real personal consumption expenditure quarterly rate. **Friday:** - Japan's December Core CPI annual rate. - Bank of Japan's interest rate decision and economic outlook report for the week ending January 23, followed by a monetary policy press conference by Kazuo Ueda. - U.S. January final Michigan Consumer Sentiment Index and January final one-year inflation expectations. **Market Closure Reminder:** On Monday (January 19), U.S. stock markets will be closed for Martin Luther King Jr. Day.