This week, markets will focus on the Federal Open Market Committee (FOMC) meeting and several key economic reports.
Economic Events from Aug. 19 to 23
The first significant event of the week is Wednesday’s FOMC meeting, where the minutes from the July meeting and policy decisions will be discussed. This offers an in-depth account of the Fed policy outlook and includes details on committee members’ positions on monetary policy and their views on the economic situation and trends. On Thursday, the August reports on the S&P Global Manufacturing and Services PMI will be released. These reports reflect business conditions in the US manufacturing and services sectors and serve as indicators of overall economic trends. > "Key Events This Week: > 1. Fed Meeting Minutes – Wednesday > 2. S&P Global Services PMI data – Thursday > 3. July Existing Home Sales data – Thursday > 4. July New Home Sales data – Friday > 5. Fed Chair Powell Speaks – Friday"
Crypto Market Outlook
While tech stocks continue to rise, crypto assets have shown sluggish performance. Total market capitalization is down 1.3% on the day to $2.17 trillion, remaining within the range since recovering over $2 trillion earlier this month. Bitcoin could not hold above $60,000 and has retreated to around $58,700 during the Monday morning Asian trading session. Ethereum performed slightly better, gaining marginally on the day to trade at $2,642.
Fed Chair Speech
On Friday, Fed Chair Jerome Powell will speak at the annual Jackson Hole Economic Policy Symposium. His speech is expected to set the stage for an anticipated rate reduction in September and how much rates will drop in the following months. Recent economic data reports indicate that inflation continues to fall toward the Fed’s 2% target, consumer spending remains resilient, and unemployment is not worsening. > "The recent data flow is consistent with our soft-landing forecast," wrote Bank of America Securities head of economics Michael Gapen in a note to clients on Friday.
This week holds significant events that may impact both the broader economic situation and the dynamics of crypto assets.
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