Last week the crypto market saw a significant recovery. However, there are some important events scheduled for this week. Amid mixed economic data and the Federal Reserve’s decision to leave interest rates unchanged, market analysts will be listening closely to speeches from Fed officials and other relevant market developments.
Key events to keep an eye on this week
The crypto market is gearing up for potentially more swings with the upcoming speeches from several Fed officials. Richmond Fed President Tom Barkin and New York Fed President Williams will speak on May 6, followed by Minneapolis Fed President Kashkari on May 7. These speeches are closely watched for clues about possible adjustments in the Fed’s interest rate policy.
Also scheduled for this week are key economic indicators, such as consumer credit data on May 7 and wholesale inventories on May 8. This data is important for assessing the health of the US economy and will likely influence market expectations about future Fed actions.
Any signs of interest rate cuts or policy changes could have a significant impact on both the crypto and traditional markets. As the economic recovery remains uncertain, traders anticipate increased volatility.
Recent economic reports
Meanwhile, recent economic reports show a mixed picture. The US Bureau of Economic Analysis reported disappointing first-quarter GDP growth of just 1.6%, well below the expected 2.5%. Moreover, inflation remains a concern, with PCE inflation rising to 2.7% year-on-year in March, above expectations and raising concerns about delayed Fed rate cuts.
In contrast, the latest employment report showed a moderate increase of 175,000 U.S. jobs, less than the expected 240,000. This performance, along with a slight slowdown compared to the previous month’s figures, indicates that the labor market continues to face challenges amid ongoing economic uncertainties.
Source: https://bitcoinmagazine.nl/nieuws/fed-toespraken-deze-week-invloed-cryptomarkt
