Stay Informed About Economic Events This Week 📊
As the stock markets show signs of recovery, the crypto markets face resistance. Keep an eye on the Federal Open Market Committee (FOMC) meeting this week, along with economic data reports, as volatility could increase again.
Key Economic Events from August 19 to 23 📆
The FOMC meeting on Wednesday will discuss the minutes from July’s meeting and policy decisions, offering insights into Fed policy outlook and committee members’ views on monetary policy. On Thursday, the S&P Global Manufacturing and Services PMI reports will be released, providing business conditions in the US manufacturing and services sectors.
- Wednesday: FOMC meeting minutes
- Thursday: S&P Global Services PMI data
- Thursday: July Existing Home Sales data
- Friday: July New Home Sales data
- Friday: Fed Chair Powell speaks
Another Fed speech by Chair Jerome Powell is expected on Friday at the Jackson Hole Economic Policy Symposium, discussing an anticipated rate reduction in September and future rate adjustments.
Insights into Economic Data and Market Trends 📉
Recent data indicates that inflation is moving towards the Fed’s 2% target, consumer spending remains steady, and unemployment rates are stable. Bank of America Securities’ head of economics, Michael Gapen, suggests a positive outlook in a recent note to clients.
Assessment of the Crypto Market 📈
While tech stocks are recovering, the crypto market is facing challenges. The total market capitalization is down at $2.17 trillion, and Bitcoin struggles to maintain levels above $60,000, currently hovering around $58,700. Ethereum shows minor gains, trading at $2,642.
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