**[Next Week's Macro Outlook: The Specter of Stagflation Reappears, Fed Faces Dilemma, CPI and PCE Data as Key Variables]** According to Jinshi reports, as the U.S.-Iran situation worsens, uncertainty surrounding future developments has led to significant market volatility this week. Recent data suggests the Federal Reserve will have to address rising inflation and declining employment to curb the possibility of stagflation. Below are the key points the market will focus on in the upcoming 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 Unadjusted CPI Year-on-Year, Unadjusted Core CPI Year-on-Year; U.S. February Seasonally Adjusted CPI Month-on-Month, Seasonally Adjusted Core CPI Month-on-Month - **Friday 15:00**: U.K. January Three-Month GDP Month-on-Month, January Manufacturing/Industrial Production Month-on-Month, January Seasonally Adjusted Goods Trade Balance - **Friday 20:30**: U.S. January Core PCE Price Index Year-on-Year/Month-on-Month, U.S. January Personal Spending Month-on-Month, U.S. Q4 Real GDP Annualized Quarter-on-Quarter Revised Value, U.S. January Durable Goods Orders Month-on-Month - **Friday 22:00**: U.S. January JOLTs Job Openings, U.S. March Preliminary 1-Year Inflation Rate Expectations, U.S. March University of Michigan Consumer Sentiment Index Preliminary Value Next week, the focus will be on Wednesday's release of February CPI and Friday's release of January PCE. If the Core CPI and Core PCE Price Index Month-on-Month figures exceed expectations, it may further support the U.S. dollar; conversely, if the data is weak, it could weigh on the dollar and boost spot gold prices. Additionally, Q4 earnings season remains active, with next week's focus on Oracle (ORCL.N) and other earnings reports.