From Cryptopotato: 2024-04-29 03:22:23

This week, the US economic calendar is packed with key data on inflation, with the Federal Reserve responding to rising PCE, PPI, and CPI figures. Market sentiment and the broader economic trajectory will be shaped by the central bank’s decision and upcoming economic releases. Additionally, over 20% of S&P 500 companies are set to report earnings.

Federal Reserve chair Jerome Powell begins a two-day meeting on Tuesday, with interest rates expected to remain at 5.25% to 5.5%. Inflation remains above the Fed’s 2% target, prompting market concerns. Powell will address the decision and inflation pressures in a press conference on Wednesday, following last week’s report of slow economic growth and high inflation.

Upcoming economic data releases this week include the April jobs report, anticipating an unemployment rate of 3.8%. Several major companies like Apple and Amazon will also release quarterly earnings reports, contributing to market volatility. Additionally, consumer confidence, ISM manufacturing, and payroll reports are on the horizon.

The crypto market saw a 4.4% decline over the weekend, with total capitalization at $2.4 trillion. Bitcoin dipped 2% to below $62,000, maintaining a sideways trend since February. Ethereum reached a two-week high of $3,342 before retreating to $3,200. Altcoins faced losses, indicating potential volatility if rates remain unchanged.



Read more at Cryptopotato: Where Will Wild Week of Economic Events and Fed Rate Decision Drive Crypto Markets?