The crypto market anticipates major events such as the FOMC Minutes and Fed Chair Jerome Powell’s speech, potentially influencing investor sentiment and future market performance.
The July FOMC Minutes and Fed Chair Jerome Powell’s speech at the Jackson Hole Retreat are among the significant events the crypto market anticipates next week. Given its potential influence on investors’ sentiment, the FOMC Minutes are expected to influence market sentiment. Furthermore, Powell’s statement is anticipated to offer insight into the central bank’s future posture regarding their policy rate plans.
The Crypto Market anticipates the US Fed Reserve Official’s Speeches
A plethora of events are scheduled for this week, which is expected to establish the foundation for the financial market’s future performance. The global financial and crypto markets are avidly anticipating these events, with the US Federal Reserve’s potential rate cut in September causing a surge in anticipation.
The week’s commencement will be marked by the remarks of Federal Reserve Governor Christopher Waller on Monday, August 19. Michael Barr, the Fed Vice Chair for Supervision, and Raphael Bostic, the President of the Atlanta Federal Reserve, are scheduled to deliver speeches on Tuesday, August 20. Concurrently, on Friday, August 23, Federal Reserve Chair Jerome Powell will give a speech at the Jackson Hole retreat.
In the interim, investors will closely monitor the comments, as they will offer insight into the US central bank’s future policy rate decisions. Nevertheless, the CME FedWatch Tool data indicated a 75% likelihood that the Fed would announce a 25 bps rate reduction at their September meeting.
The US PCE inflation and US FOMC minutes are main discussion topics
Investors anticipate the minutes of the Federal Reserve‘s July FOMC meeting, scheduled for August 21, as they may offer valuable information regarding the Fed’s most recent policy rate posture. The market seems to have regained confidence in the economy, as evidenced by the recent US CPI and PPI data, which indicate that inflation decreased in July.
Nevertheless, the crypto market experienced a period of volatility last week, which was followed by a rebound over the weekend. However, the market is also anticipating the publication of the US PCE Inflation data, which is scheduled for the end of the month. It would also provide additional insight into the current inflationary pressures in the country.
In the interim, it seems that market analysts have become more optimistic about the potential of the crypto sector in the future days. In addition, many investors are anticipating a significant increase in the price of Bitcoin, as they have identified the asset as a potential inflation hedge.
