The crypto market awaits key events next week, which include the July FOMC Minutes and Fed Chair Jerome Powell’s speech at the Jackson Hole Retreat. The FOMC Minutes is likely to shape the sentiment of the market, given its potential impact on the investors’ sentiment. In addition, Powell’s comment is expected to provide cues on the central bank’s future stance with their policy rate plans.
Crypto Market Awaits US Fed Official’s Speeches
A flurry of events is scheduled for this week, which is likely to set the stage for the financial market’s future performance. The global financial market, along with the crypto market, is eagerly waiting for these events, with anticipation soaring over a potential rate cut by the US Federal Reserve in September.
The week will kick off with Fed Governor Christopher Waller’s remarks on Monday, August 19. On Tuesday, August 20, Atlanta Fed President Raphael Bostic and Fed Vice Chair For Supervision Michael Barr are scheduled to speak. Simultaneously, on Friday, August 23, Fed Chair Jerome Powell will speak at the Jackson Hole retreat.
Meanwhile, the comments will be closely watched by the investors, as it would provide cues on how the US central bank will move with their policy rates ahead. However, the CME FedWatch Tool data showed that there is a 75% chance of the Fed announcing a 25 bps rate cut at their September meeting.
US PCE Inflation And US FOMC Minutes In Focus
The minutes of the Fed’s July FOMC meeting are scheduled for August 21, which the investors eagerly await, as it might provide insights on the Fed’s latest stance on the policy rates. Given the recent US CPI and PPI data showing that the inflation has cooled in July, the market appears to have regained confidence in the economy.
However, despite that, the crypto market witnessed a volatile trading last week, before witnessing a rebound over the weekend. Having said that, the market is also waiting for the upcoming US PCE Inflation data, which is due to release this month end. It would further shed light on the current inflationary pressures in the nation.
Meanwhile, the market pundits appear to have turned bullish on the crypto sector’s potential in the coming days. Besides, a flurry of investors are now expecting the Bitcoin price to rally ahead, as many have deemed the asset as a hedge against inflation.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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