Next Week's Macro Outlook: The Ghost of Stagflation Reappears, Fed Faces Dilemma, CPI and PCE Data as Key Variables As tensions between the U.S. and Iran escalate, uncertainty about the future has caused significant market volatility this week. Recent data suggests that the Fed will have to address rising inflation and declining employment to curb the possibility of stagflation. Here are the key points the market will focus on in the coming week (all times in Beijing Time): Monday 23:00 - U.S. February New York Fed 1-Year Inflation Expectations. Wednesday 20:30 - U.S. February YoY CPI (not seasonally adjusted), YoY Core CPI (not seasonally adjusted), MoM CPI (seasonally adjusted), MoM Core CPI (seasonally adjusted). Friday 15:00 - UK January 3-Month GDP MoM, January Manufacturing/Industrial Production MoM, January Goods Trade Balance (seasonally adjusted). Friday 20:30 - U.S. January Core PCE Price Index YoY/MoM, U.S. January Personal Spending MoM, U.S. Q4 Real GDP Annualized QoQ (revised), U.S. January Durable Goods Orders MoM. Friday 22:00 - U.S. January JOLTs Job Openings, U.S. March Preliminary 1-Year Inflation Expectations, U.S. March Preliminary University of Michigan Consumer Sentiment Index. Next week, the focus will be on February's CPI data released on Wednesday and January's PCE data released on Friday. If the Core CPI and Core PCE Price Index MoM figures exceed expectations, it could further support the dollar. Conversely, weaker data may weigh on the dollar and boost spot gold prices. Additionally, Q4 earnings season remains in focus, with Oracle (ORCL.N) among the earnings reports to watch next week.