Next week, Trump will lead a record-sized U.S. delegation back to the Davos Forum and deliver a speech on "How We Can Cooperate in an Increasingly Competitive World." Whether tariffs, military intervention in Venezuela, or the threat to acquire Greenland will be discussed remains a major point of interest. The U.S. Supreme Court will also hear the case of Federal Reserve Board member Cook, whom Trump is attempting to replace. The legality of Trump's tariffs may also be decided next week. The upcoming macro events and data releases are as follows:

Monday: Trump leads delegation to attend the World Economic Forum Annual Meeting; China’s full-year GDP growth rate for 2025, Q4 GDP annualized, and total annual GDP released

Tuesday: ECB President Lagarde and BlackRock CEO Fink participate in a discussion at the World Economic Forum

Wednesday: Trump delivers a speech at the World Economic Forum Annual Meeting on "How We Can Cooperate in an Increasingly Competitive World?"

Thursday: ECB releases December monetary policy meeting minutes; U.S. initial jobless claims for the week ending January 17; U.S. November core PCE price index, personal expenditure monthly rate; U.S. Q3 real GDP, core PCE annualized quarterly rate, and real personal consumption expenditures quarterly rate final; Japan December core CPI annual rate; Bank of Japan interest rate decision and economic outlook report by Ueda Kazuo; Ueda holds a press conference on monetary policy

Friday: U.S. January University of Michigan Consumer Sentiment Index final; U.S. January one-year inflation expectation final