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According to BlockBeats, this week has been particularly challenging for risk assets, with U.S. stocks under significant pressure. Despite Nvidia's strong earnings report and optimistic comments from its CEO, the negative trend persisted. The cryptocurrency market fared even worse, with Bitcoin experiencing an 18% drop, marking its steepest weekly decline since mid-November 2022.Key economic events to watch in the coming week (all times in UTC+8) include:- Tuesday 21:30: U.S. September retail sales monthly rate and U.S. September PPI.- Wednesday 9:00: Reserve Bank of New Zealand's interest rate decision.- Wednesday 21:30: U.S. initial jobless claims for the week ending November 22.- Thursday 03:00: Federal Reserve's Beige Book on economic conditions.- Thursday (time TBD): Bank of Korea's interest rate decision.- Friday: New York Fed President Williams will deliver a speech.Jefferson's insights are potentially informative, as his views often align closely with those of Federal Reserve Chair Powell. Since joining the Fed three years ago, Jefferson's voting record has consistently matched Powell's. It is noteworthy that due to the Thanksgiving holiday in the U.S. on Thursday and the early market closure on "Black Friday," next week's trading days will be shortened, leading to significantly reduced market liquidity.

According to Odaily, a spokesperson from the U.S. Labor Department announced plans to release missing weekly unemployment claims data by Thursday. Ryan Honick, the spokesperson, noted that due to technical issues, initial data for the week ending October 18 was prematurely released, showing 232,000 claims. The department will not issue a press release for the missing data, which will be directly available on its website. Additionally, the Labor Department plans to release September's Producer Price Index (PPI) data at 21:30 UTC+8 on November 25, and the Import and Export Price Index on December 3 at the same time. The U.S. Commodity Futures Trading Commission (CFTC) also announced it will begin publishing trader position reports this week, with the first report expected early Thursday morning UTC+8. The CFTC aims to release up to two reports weekly until January 23, when the publication schedule will return to normal.

According to Cointelegraph, the European Central Bank (ECB) may soon need to consider stablecoins as more than just a regulatory issue, viewing them as potential sources of macroeconomic shocks. This perspective was shared by Olaf Sleijpen, the governor of the Dutch central bank, in a recent interview. Sleijpen highlighted the rapid growth of dollar-pegged stablecoins, suggesting they could become systemically significant within Europe's financial ecosystem. He warned that if these tokens were to destabilize, they could impact financial stability, the broader economy, and even inflation.

Sleijpen emphasized that if stablecoins prove unstable, the swift sale of underlying assets could exacerbate market stress. He noted that the ECB might need to reconsider its monetary policy in response to significant shocks, though it remains uncertain whether this would necessitate rate hikes or cuts. The stablecoin sector has experienced substantial growth, with CoinGecko data indicating a nearly 50% increase in market capitalization this year, reaching a valuation of $310 billion. Tether’s USDt (USDT), the leading US dollar-pegged stablecoin, saw its market cap rise from $127 billion in November 2024 to $183 billion, marking a 44% increase. Similarly, USDC (USDC), the second-largest stablecoin, doubled its market cap from $37 billion to $74 billion.

In April, the US Department of the Treasury reported that evolving market dynamics could accelerate stablecoin growth, projecting a potential market cap of $2 trillion by 2028. Sleijpen noted that as dollar-pegged stablecoins expand, their fluctuations could significantly influence Europe’s economic outlook. Concerns over dollar-backed stablecoins in Europe have been echoed by other officials. In April, ECB Executive Board member Piero Cipollone expressed worries about their growth, advocating for a central bank digital currency (CBDC) to maintain monetary sovereignty in the eurozone. Italy’s Minister of Economy and Finance, Giancarlo Giorgetti, also voiced concerns, suggesting that stablecoins pose a greater threat to European financial stability than trade tariffs.

While these concerns are evident, Sleijpen's remarks underscore a more immediate issue: the potential for stablecoin issuers to become sources of financial instability. If large issuers were to offload reserves on a large scale, it could lead to contagion affecting liquidity conditions, asset prices, and inflation. In September, Nobel Prize-winning economist Jean Tirole warned that governments might face significant bailout pressures if major stablecoins were to collapse.

According to BlockBeats, several significant macroeconomic events and data releases are scheduled for the upcoming week, amid ongoing U.S. government shutdown issues and potential absence of CPI data.

On Wednesday, FOMC permanent voting member and New York Federal Reserve President Williams is set to speak. Additionally, 2026 FOMC voting member and Philadelphia Federal Reserve President Paulson will discuss financial technology, while U.S. Treasury Secretary Besent will also deliver a speech.

Thursday will see the release of several important economic indicators, including the U.S. October unadjusted CPI year-on-year rate, the U.S. October seasonally adjusted CPI month-on-month rate, initial jobless claims for the week ending November 8, and the U.S. October seasonally adjusted core CPI month-on-month rate. The U.S. October unadjusted core CPI year-on-year rate is yet to be confirmed. Furthermore, 2027 FOMC voting member and Atlanta Federal Reserve President Bostic will speak, and the Bank of Canada will release the minutes of its October monetary policy meeting.

On Friday, the U.S. October retail sales month-on-month rate, the U.S. October PPI year-on-year rate, the U.S. October PPI month-on-month rate, and the U.S. September business inventory month-on-month rate are expected, with the latter still to be confirmed. Additionally, 2025 FOMC voting member and St. Louis Federal Reserve President Musalem will discuss monetary policy, 2026 FOMC voting member and Cleveland Federal Reserve President Hammack will participate in a fireside chat, and 2027 FOMC voting member and Atlanta Federal Reserve President Bostic will speak again. Kansas Federal Reserve President Schmid, a 2025 FOMC voting member, will address economic outlook and monetary policy.

On Saturday, 2026 FOMC voting member and Dallas Federal Reserve President Logan will join a fireside chat, while 2027 FOMC voting member and Atlanta Federal Reserve President Bostic will attend a conference and engage in discussions.