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Next week, significant developments in the cryptocurrency market will be closely monitored alongside global markets. The upcoming announcement of the U.S. Consumer Price Index (CPI) is particularly anticipated, as inflation data will play a critical role in shaping the Federal Reserve’s (Fed) monetary policy plans. Additionally, Fed Chairman Jerome Powell’s speech next week will be keenly observed by market participants. These events follow the Federal Open Market Committee’s (FOMC) recent decision on interest rate cuts.
Inflation Data and Interest Rate Expectations
U.S. inflation data will be one of the week’s most significant events. The current state of inflation will provide clues regarding the Fed’s monetary policy. Last week, the Fed announced a 25 basis point interest rate cut through the FOMC. According to the CME FedWatch Tool, there is about a 65% probability of another 25 basis point cut next month.
In his remarks last week, Fed Chairman Powell conveyed relatively cautious messages to market participants. He stated, “Our central bank’s monetary support remains restrictive,” emphasizing the need for a “proper recalibration” of monetary policy. Powell’s upcoming speech next week will also be crucial for investors, as any signal he provides could significantly alter market sentiment.
Fed Officials’ Statements Will Be Closely Watched
On Tuesday, Fed board member Christopher Waller, Richmond Fed President Tom Barkin, and Philadelphia Fed President Patrick Harker will provide important evaluations regarding monetary policy. Following the inflation data, the presidents of the Dallas and St. Louis Fed will also make their statements.
Furthermore, the weekly unemployment claims expected to be released on Thursday will offer significant insights into the U.S. labor market. Following the recent rally in the cryptocurrency market, participants are closely monitoring the economic data to be released next week. Inflation data and comments from Fed Chairman Powell and other officials could lead to shifts in market direction. Potential changes in interest rates may have a decisive impact on cryptocurrency price movements.
