A busy economic calendar has been scheduled for the week ahead, with a number of Federal Reserve officials commenting on last week’s interest rate decision. Moreover, crypto markets have been cooling over the weekend, but will this week’s economic events send them lower?
Macroeconomics outlet The Kobeissi Letter listed the key economic events for the United States for the week beginning February 5. It follows a weekend of declines for Bitcoin and crypto markets. They appear to be entering a period of pre-halving consolidation.
Economic Calendar Events
Monday, February 5, will see the release of S&P Services PMI and ISM non-manufacturing PMI data. These purchasing managers’ index reports are used as reliable economic indicators, providing insight into where markets and economies are heading.
Furthermore, the initial jobless claims data will be released on Thursday, but all eyes will be on Fed speakers.
Friday will see the Bureau of Labor Statistics release its annual recalculation of seasonal adjustment factors for the consumer price index (CPI).
This week’s economic calendar: Source: X/@markets_bot
More than half a dozen US Central Bank members will speak this week. The Fed officials will give insight into the bank’s thinking. They will also comment on what recent economic reports mean for future action from the central bank.
Minneapolis Fed President Neel Kashkari, Cleveland Fed President Loretta Mester, and Philadelphia Fed President Patrick Harker will deliver remarks on Tuesday.
Fed Governors Adriana Kugler and Michelle Bowman and Richmond Fed President Tom Barkin deliver remarks on Wednesday. Finally, Dallas Fed President Lorie Logan speaks on Friday.
Last week, Fed chairman Jerome Powell said a rate cut in March was not likely as officials look for more evidence that inflation is under control.
Moreover, investors expect to hear how recent economic data will affect official opinions on future interest-rate decisions, with the next one due on March 20.
Additionally, Treasury Secretary Janet Yellen will testify before the Senate Banking Committee on Thursday to deliver the department’s annual report on US financial stability.
Big Week for Earnings Reports
However, with few major economic reports set for release this week, investors will be turning their attention to corporate earnings.
Major firms in the retail, food and beverage, automotive, entertainment, and pharmaceutical industries will release earnings reports this week.
Crypto markets have been cooling over the weekend. Total capitalization dropped 1.3% to $1.7 trillion during Monday morning’s Asian trading session.
Total crypto market cap 90D chart. Source: CoinGecko
Bitcoin failed to make much progress above $43,000 following last Friday’s options expiry and has declined 1.4% to $42,437 at the time of press.
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