This week is packed with significant economic events in the US. The Federal Reserve (Fed) will hold a two-day meeting starting on Tuesday, where they’re expected to keep interest rates unchanged at 5.25% to 5.5%. Jerome Powell, the Fed chair, will then hold a press conference on Wednesday to discuss the decision and inflation pressures.
This week, the US economic schedule is filled with numerous events. In response to escalating inflation indicators, as signaled by the increases in PCE, PPI, and CPI, the Federal Reserve is expected to take action.
Additionally, the upcoming announcement from the central bank and forthcoming economic reports will offer valuable information regarding the ongoing struggle against inflation and the overall direction of the US economy. This data will influence investor outlook for the coming months.
Approximately twenty percent of companies in the S&P 500 index are set to release their earnings reports this week.
Economic Events to Watch
As an analyst, I’m keeping a close watch on the upcoming two-day meeting of the Federal Reserve, led by chair Jerome Powell, which commences on Tuesday. The Federal Open Market Committee is anticipated to maintain the interest rates at the current range of 5.25% to 5.5% when they conclude their deliberations on Wednesday.
The Federal Reserve has kept interest rates in the United States constant since last July due to persistent inflation that lies above its desired 2% mark.
On Wednesdays regular briefing, Powell is expected to share insights about the recent choice and the persistent issue of inflation causing frustration.
Last week’s Gross Domestic Product (GDP) data revealed a decelerated economic expansion along with elevated inflation rates. This combination caused uneasiness among investors.
As a crypto investor, I’ve noticed that almost every significant economic challenge seems to be coming together this week. The Kobeissi Letter put it eloquently when they mentioned, “Every major headwind is converging for us this week.”
This week is going to be absolutely wild:
The Fed will react for the FIRST time to rising PCE, PPI, and CPI inflation data.
“We’ll cover Fed Chair Powell’s question-and-answer session following the initial rise in inflation, which occurred in September 2023.”
Meanwhile, over 20% of the S&P 500 will be…
— The Kobeissi Letter (@KobeissiLetter) April 28, 2024
I, as an analyst, anticipate the unveiling of the April jobs report on Friday, which carries an estimated unemployment rate of 3.8%. This figure aligns with current forecasts, indicating a lack of significant surprises in this regard.
Consumer confidence, ISM manufacturing, and payroll reports will also be released this week.
As a researcher, I’m keeping a close eye on the upcoming earnings reports from some of the industry giants like Apple, Amazon, AMD, and MasterCard. Their financial updates this week are sure to bring some fluctuations in the market.
Crypto Market Outlook
As an analyst, I would put it this way: Over the past weekend, digital asset markets exhibited a subdued activity level, with prices dipping by approximately 4.4% compared to their levels a week prior.
The total capitalization has dropped slightly to approximately $2.4 trillion, while trading activity in Asia was relatively light on Monday morning.
Bitcoin experienced a 2% decrease in value today, causing its price to drop below $62,000. However, it continues to move within the price range it established at the end of February.
As an analyst, I’ve noticed that Ethereum prices reached a peak of $3,342 during the weekend, marking a two-week high. However, come Monday morning, there was a noticeable downturn with the price dipping by around 3%, settling at approximately $3,200.
In the crypto market this week, altcoins have been painted red, indicating potential volatility and the possibility of greater losses if interest rates stay the same.
Read More
- Best coins for today
- WLD PREDICTION. WLD cryptocurrency
- Rare ‘Epic Sat’ from Bitcoin’s Fourth Halving Block Sold for Over $2 Million
- APT PREDICTION. APT cryptocurrency
- Pantera Capital’s Fund V Targets $1 Billion for Diverse Blockchain Investments
- SEC Demands $5.3 Billion From Do Kwon And Terraform Labs
- GST PREDICTION. GST cryptocurrency
- Brent Oil Forecast
- Bitcoin (BTC) Fails to Attract Safe-Haven Flows: Kaiko
- Warren Rival for Senate Race John Deaton Argues for Coinbase in SEC Challenge
2024-04-29 10:26