[Next Week's Macro Outlook: Gold 'Stagnates,' Direction Still Unclear? CPI Tests Fed's Pause on Rate Hike Expectations] Over the past week, tensions between the U.S. and Iran persisted, but Trump explicitly ruled out the possibility of taking action before the midterm elections. Meanwhile, the Federal Reserve meeting minutes and statements from multiple officials conveyed a consistent message: although inflation remains elevated and another rate hike may occur this year, action in October is not guaranteed.