US CPI, Fed Powell Speech Among 5 Key Crypto Events To Watch This Week

by

As a seasoned analyst with years of experience navigating the turbulent waters of the financial markets, I can confidently say that this week is shaping up to be one of the most critical periods for investors and traders alike. With the highly anticipated US CPI inflation data on the horizon, coupled with Fed Chair Jerome Powell’s speech later this week, the crypto market is bracing itself for potential seismic shifts in the monetary policy landscape.

This week, the crypto market is anxiously looking forward to the release of the U.S. Consumer Price Index (CPI) inflation data, as it could influence the Federal Reserve’s future monetary policies. Additionally, several other significant events are lined up this week, such as Fed Chair Jerome Powell’s speech. It’s worth mentioning that this happens a week after the U.S. FOMC voted to reduce interest rates for the second time in 2021.

US CPI, Fed Chair Powell Speech, And Other Events To Watch This Week

This week, the highly anticipated U.S. Consumer Price Index (CPI) will be released, providing insights into the level of inflation within the country. Additionally, anticipation has grown since the U.S. Federal Reserve (Fed) decided on a 25 basis points rate cut at last week’s FOMC meeting, with many predicting another reduction in December. Using data from the CME FedWatch Tool, there is roughly a 65% chance that the Fed will announce another quarter-point interest rate cut next month.

Next week also brings the release of US Producer Price Index (PPI) inflation data, offering additional insights into the country’s economic condition. Notably, this batch of inflation numbers is expected to shape the trajectory for potential Federal Reserve interest rate reductions, even as speculation persists about another 0.25% cut in December.

Last week’s Jerome Powell speech, given as the Fed Chair following the US FOMC meeting, was closely followed by investors. In essence, he stated that the central bank’s monetary stimulus remains tight, and it is crucial for them to continue making adjustments to their policy strategies.

This week’s remarks from Federal Reserve Chair Jerome Powell are eagerly anticipated by the financial market. Any hint of a more aggressive monetary policy stance he might take during his speech on November 14 could have a substantial influence on the overall market mood.

Monthly US Federal Budget And Fed Officials Speeches In Focus

In addition to monitoring the ongoing developments, the market will also pay attention to remarks made by other Federal Reserve officials to better understand the central bank’s upcoming actions. Notably, on Tuesday, Fed Governor Christopher Waller, Richmond Fed President Tom Barkin, and Philadelphia President Patrick Harker are all set to deliver speeches.

After the announcement of the U.S. Consumer Price Index (CPI) inflation, both the Dallas Federal Reserve President and St. Louis Federal Reserve President will deliver their speeches. The comments made by these officials will be carefully monitored by traders as they aim to understand the possible influence of inflation on the central bank’s future policy decisions.

Moreover, it’s anticipated that the weekly unemployment claims figures will be released on Thursday as well, offering insights into the current state of the U.S. job market. Consequently, investors will be closely monitoring these developments, particularly following a robust surge in the cryptocurrency market during the previous week.

Read More

2024-11-10 05:33