According to BlockBeats on June 20, the market’s focus next week will continue to revolve around Middle East geopolitics and U.S. PCE data. Based on Beijing time, the new week’s macro calendar is concentrated from Thursday to Friday, with several U.S. economic releases, the Federal Reserve’s annual bank stress test results and remarks from multiple FOMC-related officials scheduled to take place. In addition, memory chip maker Micron Technology (MU) will release its quarterly earnings after the U.S. market closes on Wednesday, adding a major company-specific event to the week’s agenda.
Fed Stress Test and U.S. Data Cluster on Thursday
At 04:00 on Thursday, the Federal Reserve will publish the results of its annual bank stress tests. Later, at 20:30 on Thursday, the United States will release initial jobless claims for the week ending June 20, along with several data points related to inflation, consumption and economic growth. These include the annual rate of the U.S. core PCE price index for May, the monthly rate of U.S. personal spending for May, and the final annualized quarterly rate of real U.S. GDP for the first quarter.
Data scheduled for release at the same time also include the preliminary quarterly rate of real personal consumption expenditures for the first quarter, the final quarterly rate of real personal consumption expenditures for the first quarter, the final annualized quarterly rate of the core PCE price index for the first quarter, the monthly rate of the core PCE price index for May, and the monthly rate of U.S. durable goods orders for May. The core PCE price index is currently one of the inflation indicators most closely watched by the Federal Reserve, and it will be released alongside May personal income and spending figures.
Core PCE Forecasts and Fed Speakers
According to the Cleveland Fed’s inflation nowcasting model, core PCE for May is expected to remain unchanged at 3.3%, while headline PCE is expected to edge up from 3.8% to 4.0%. On the Fed speakers’ schedule, at 03:40 on Friday, New York Fed President John Williams, a permanent voting member of the FOMC, will deliver remarks. At 06:30 on Friday, Chicago Fed President Austan Goolsbee, a 2027 FOMC voter, will speak. At 23:30 on Friday, Minneapolis Fed President Neel Kashkari, a 2026 FOMC voter, is also scheduled to speak.
On the corporate side, Micron Technology (MU) will publish its quarterly earnings after the U.S. market closes on June 24, Wednesday. The report will serve as a gauge of the pulse of chip demand and will be used by the market to observe whether that demand is still accelerating. The company has guided for revenue of $33.5 billion and a gross margin of around 81%. With Middle East developments, U.S. inflation figures and a major technology earnings release all appearing on the calendar, these scheduled events form the main macro and corporate reference points for the coming week.