Macro Week Ahead: CPI in Focus as U.S.-Iran and Russia-Ukraine Diplomacy Eases Risks; Kevin Warsh Set to Take Over as Fed Chair

ChainCatcher, citing Jin10, said the past week brought notable signs of potential progress toward peace in both the U.S.-Iran and Russia-Ukraine situations, helping to ease geopolitical risk. Markets will be watching next week for confirmation that these tensions continue to cool. On the macro calendar, attention turns to U.S. April inflation data and several key releases and events: - Tuesday 15:15: John Williams, a permanent FOMC voter and President of the New York Fed, joins a panel on monetary policy - Tuesday 20:15: U.S. ADP employment change (week ending April 25) - Tuesday 20:30: U.S. April CPI - Wednesday 04:30: U.S. API crude oil inventories (as of May 8) - Wednesday 20:30: U.S. April PPI (month-on-month and year-on-year) - Friday 05:30: Fed Governor Michael Barr delivers remarks - Friday 21:15: U.S. April industrial production (month-on-month) A major leadership transition at the Federal Reserve is also expected. Fed chair nominee Kevin Warsh is likely to be confirmed by the Senate on Monday and is set to take over from Jerome Powell on May 15. In U.S. equities, a fresh rally into last Friday lifted the S&P 500 to an 8% gain year-to-date in 2026, extending a run of three straight years of double-digit returns. The tech-led Nasdaq Composite is up nearly 13% year-to-date, with both indexes at record highs. While the first-quarter earnings season is nearing its close, upcoming corporate results are still expected to be an important driver of near-term price action.