The crypto community has witnessed a massive rally in recent days in the aftermath of a Trump victory, increased institutional interest, and favorable market catalysts. Notably, the crypto market is all set to enter a crucial week as major events like the US PCE inflation, FOMC Minutes, and the Q3 GDP data are scheduled to be released in the coming week. Investors anxiously await the impact of these events on the asset prices.
Globally, investors will keep an eye on November 27 as several US economic numbers along with minutes of the FOMC’s November policy meeting will be released on that day. The key thing to watch will be whether the Federal Reserve is strongly signaling a third interest rate cut in the December policy meeting or not in the minutes, as Federal Reserve officials views with respect to the rate cut are mixed.
The US FOMC for November is scheduled on Tuesday, November 26. The minutes will also be closely observed, as recent reports show that the US Federal Reserve has said that it won’t be focusing on the 2% inflation target ahead. Besides, Trump’s newly formed Department of Government Efficiency, led by Elon Musk, is focusing on cutting federal spending, which will keep investors on the edge to watch out closely for the central bank’s minutes this week.
The focus will also be on the second estimate for US GDP growth numbers for the September quarter. As per the preliminary estimates, the growth stood at 2.8 percent for the September quarter, against 3 percent growth in the June quarter.
Further, the US GDP for Q3 is scheduled to be released on Wednesday, which will provide hints on the US economic health, which will also impact the broader financial sector.
For inflation, the PCE inflation report expected on Wednesday is anticipated to show a 0.2% increase for October, with a year-over-year rise expected at 2.3%, up from 2.1% previously.
The Federal Reserve has been more cautious after a significant rate cut in September and is considering additional stimulus over the next few years. This change likely reflects a market adjustment to expectations of higher inflation. Fed Chair Jerome Powell has stressed that reaching the 2% inflation target remains a priority.
In addition, the Core PCE inflation figures, excluding the energy and food prices, are expected to show a 2.8% surge, up from the 2.7% in September. The monthly figure is expected to remain unchanged at 0.3%.
The market will closely watch these key macroeconomic events. In addition, the crypto expiry is also expected to impact the traders’ sentiment amidst the ongoing rally in the market.
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