Us non-farm payrolls data for July, which was more than double market expectations on Friday, led markets to bet that the Fed would continue to step up its ultra-aggressive monetary policy path.

Currently, CME Group Inc's Fed observation tool showsTraders expect the probability that the fed will announce a 75 basis point rate hike after its monetary policy meeting on Sept. 22 to 69.5%, up from 33% on Thursday.Some interest rate futures traders even began to speculate that Fed policy makers might start raising interest rates before the next regular policy meeting in September.

Hot non-farm payrolls data have been released, and the extent of the Fed's rate hike next month will depend on the performance of CPI. This WednesdayThe US will release heavyweight data such as the consumer price index (CPI) in July, and a number of Fed officials will make public speeches, when they will continue to signal a rise in interest rates.

Can the Fed not stop raising interest rates? It depends on whether this week's data is optimistic.

In terms of economic data, the US CPI in July was undoubtedly the biggest focus, with investors watching closely to see if inflation continued to show signs of peaking.The agency now expects CPI growth to slow to 8.8 per cent in July from a 41-year high of 9.1 per cent.

The importance of CPI data has reached the Super Bowl, and it can give us some clues about the situation we and the Fed are facing.

-Michael Antonelli, managing director and market strategist at Baird, said.

The inflation report is likely to have a further significant impact on market pricing of the Fed's September rate hike:Stronger-than-expected inflation data could further strengthen the Fed's expectation of raising interest rates by 75 basis points next month, while weaker-than-expected data could support the Fed to slow the pace of rate hikes to 50 basis points.

In addition, the consumer confidence index of the University of Michigan in August is also worth watching. The index, the engine of the US economy, is at a nearly 10-year low as the cost of living crisis and a falling stock market have undermined spending power and confidence. However, as US gasoline prices continue to fall, consumer confidence is expected to recover, while inflation expectations are likely to fall slightly.

In addition, indicators such as the US producer Price Index (PPI) in July, the monthly rate of import and export price index, and the number of people applying for unemployment benefits last week are also worth paying attention to.

Keep looking for clues! Fed officials will "form a delegation" to deliver a speech

Over the past week, a number of Fed officials have reiterated their adherence to austerity in their speeches. After Friday trading, Federal Reserve Governor Bowman even said that the Fed should consider raising interest rates by 75 basis points several times at future interest rate meetings until inflation falls back to its target level.

Some market analysts pointed out that they are continuing to consider several big 75 basis point interest rate hikes-which should be the most hawkish speech by Fed officials so far and a risk point that the market has overlooked.

This week, Evans, Kashkari and other local Fed chairmen will continue to appear, whether good employment data will affect the Fed's internal assessment of September policy, has become the focus of attention.

Niu friends.For hot non-agricultural dataWhat do you think?

Will inflation figures remain high or cool this week?

What do you think of the trend of US stocks this week?