The Week Ahead - 24 - 28 November 2025
These are the Key Macro Events for the upcoming week.
United States – Release dates for US data remains impacted by the shutdown. The GDP and PCE inflation report will almost surely not be published. We may see some September data releases such as retail sales and PPI in this week.An important release that isn’t impacted by the shutdown is the Fed’s beige book on Wednesday, which is likely to lead to some movement in market pricing for a December cut. On Saturday, the Fed’s blackout period starts, and we’ll have no more official communication before the FOMC meeting. UK – Chancellor Reeves will present her annual budget to parliament on Wednesday in a highly anticipated event for UK bond markets. We expect the chancellor to announce sufficient fiscal consolidation to convince markets that the government is sticking to its fiscal rules. Leaks suggest a 'smorgasbord' approach to tax rises with multiple smaller measures rather than for instance rises in income tax.