As a researcher with a background in economics, I find this week’s economic calendar particularly intriguing due to the anticipated reports on the U.S. economy’s health and outlook. Among these reports, the Personal Consumption Expenditures (PCE) report is of significant importance as it serves as the Federal Reserve’s preferred inflation gauge. Other reports on consumer sentiment and inflation expectations are also worth monitoring.
As a crypto investor, I’m closely monitoring this week’s economic reports coming from the United States. These reports have the potential to shed light on the current state and future prospects of the U.S. economy. By staying informed about these developments, I can make more informed decisions regarding my cryptocurrency investments.
As an analyst, I find the Personal Consumption Expenditures (PCE) report to be particularly noteworthy due to its significance as the Federal Reserve’s preferred measure of inflation.
As a crypto investor, I keep an eye on various economic indicators that can potentially impact the market. Reports on consumer sentiment and inflation expectations are among these indicators. A surprising decline in consumer confidence or unexpectedly high inflation expectations could cause market volatility.
Economic Events June 24 to 28
On Tuesday, consumer confidence figures will be disclosed, shedding light on people’s sentiments and the progress of the economic recovery. Previously, the highly anticipated Q1 2024 Gross Domestic Product (GDP) growth rate (final estimate) will be unveiled on Thursday.
The revised data indicates a deceleration in economic expansion to a 1.3% rate quarterly, which represents a significant drop from the previous quarter’s robust growth of 3.4%. The definitive numbers are projected to validate these findings.
As a dedicated macroeconomic researcher, I’m closely monitoring the latest GDP data releases with great interest. Recent findings hint towards potential stagflation, a situation where economic growth stalls while inflation persists – a scenario that has raised eyebrows in the economic community. (X refers to the specific platform or medium where The Kobeissi Letter posted their comment.)
Key Events This Week:
1. CB Consumer Confidence data – Tuesday
2. New Home Sales data – Wednesday
3. Q1 2024 Final GDP data – Thursday
4. May PCE Inflation data – Friday
5. Fed Monetary Policy Report – Friday
6. Total of 8 Fed speaker events this week
Tons of important…
— The Kobeissi Letter (@KobeissiLetter) June 23, 2024
On Friday, the 28th of June, there are several significant events unfolding. Notably, the Core Personal Consumption Expenditures (Core PCE) data for May is set to be published. This release carries great importance for investors and policymakers alike, as they closely monitor trends in inflation. Following a disappointing report on May’s Consumer Price Index (CPI), there is heightened interest in the Core PCE data to confirm any continuing decrease in inflationary pressures.
On Fridays, the Personal Income and Personal Spending reports from May are made public. These figures represent the total earnings and consumer expenditures in the United States. This data is essential as it offers insights into the country’s economic well-being and can significantly impact central bank policies.
Lastly, on Friday, we will receive updates on the Michigan Consumer Sentiment Index and Consumer Inflation Expectations from June in Michigan. These indices reflect consumer confidence and their long-term predictions regarding inflation. Both elements significantly influence consumer spending and are taken into account when calculating the Federal Reserve’s expectations for inflation.
There are also a total of 8 Fed speaker events this week.
Crypto Market Outlook
Given the packed economic schedule with numerous significant data releases upcoming, there’s a possibility for increased market turbulence in riskier investments like cryptocurrencies.
The total value of capitalization has decreased by an additional 5% within the last 24 hours, reaching a six-week low of $2.35 trillion. Over the current month, markets have experienced a decline of approximately 11%, resulting in roughly $300 billion being withdrawn from the marketplace.
Bitcoin experienced a 4% decline, approaching the $61,000 mark, yet successfully remained above this level, with current trades taking place around $61,300.
Ethereum was in greater pain, dumping to a six-week low of $3,310 during Asian trading on Monday.
Over the weekend, Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Avalanche (AVAX) experienced significant declines, with Solana reaching its lowest point in 2021 and the others posting heavier losses for altcoins.
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2024-06-24 15:07