**[Next Week's Macro Outlook: Non-Farm Payrolls and CPI Double Whammy Incoming, Has the Dollar's "Life-or-Death Line" Flashed Red?]** Although the Federal Reserve cut interest rates as expected this week and delivered a more dovish signal than anticipated, the challenges faced in the field of artificial intelligence have led to a complex divergence in the trends of U.S. stock and bond markets. The U.S. Department of Labor's reports on non-farm employment, consumer inflation, and retail sales data will be released next week, potentially providing deeper insights into the health of the economy. Below are the key points the market will focus on in the upcoming week: - **Monday 21:30**: U.S. December New York Fed Manufacturing Index - **Monday 22:30**: Speech by Federal Reserve Governor Milan - **Monday 23:30**: Speech on economic outlook by FOMC permanent voting member and New York Fed President Williams - **Tuesday 21:30**: U.S. November unemployment rate, U.S. November seasonally adjusted non-farm payrolls, U.S. October retail sales month-over-month - **Wednesday 22:05**: Opening remarks by FOMC permanent voting member and New York Fed President Williams at the New York Fed-hosted 2025 Foreign Exchange Market Structure Conference - **Thursday 01:30**: Speech on economic outlook by 2027 FOMC voting member and Atlanta Fed President Bostic - **Thursday 21:30**: U.S. November unadjusted CPI year-over-year/core CPI year-over-year, U.S. November seasonally adjusted CPI month-over-month/core CPI month-over-month; U.S. initial jobless claims for the week ending December 13; U.S. December Philadelphia Fed Manufacturing Index The release of next week's U.S. CPI data will be a critical turning point for the dollar's trajectory. If CPI data falls below expectations (the latest figure is 3%, still above the Federal Reserve's 2% target), it will further confirm the rationale for the Fed's rate-cutting cycle, potentially putting additional downward pressure on the dollar. Conversely, if the data exceeds expectations, it could reverse this trend.