The Federal Open Market Committee (FOMC) Meeting is approaching, and key economic data will reshape the policy outlook.

On July 27, under the complex backdrop of increasing political pressure, changes in trade policy, and contradictory economic signals, Fed Chairman Powell and his colleagues will enter the interest rate meeting next week. This decision coincides with a rare data-intensive week— the U.S. government will consecutively release GDP, employment reports, and the Fed's core inflation indicators. Although the market generally expects the Fed to remain on hold once again, this series of data may reshape the policy path.

Economists predict that the annualized growth rate of the US GDP for the second quarter, to be announced next Wednesday, is expected to reach 2.4% (a significant improvement from the contraction of 0.5% in the first quarter), but this is mainly due to a sharp narrowing of the trade deficit. The non-farm payroll report for July, to be released on Friday, is expected to confirm that corporate hiring is becoming more cautious. After a surge in employment in the education sector in June boosted the data, new job creation is expected to slow this month, and the unemployment rate may rise slightly to 4.2%. The US government's personal income and expenditures report for June is expected to show that the core inflation indicator favored by the Fed has slightly accelerated month-on-month, indicating that tariffs are gradually being passed on to consumers.