According to CryptoPotato, stock markets have shown signs of recovery, but the same cannot be said for crypto markets, which are facing heavy resistance. Volatility could increase as all eyes will be on the Federal Open Market Committee (FOMC) meeting and minutes this week, in addition to economic data reports.

The first economic event of the week is Wednesday’s FOMC meeting, during which the minutes from July’s 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. There will also be insight into their opinions about the economic situation and trends going forward. August’s S&P Global Manufacturing and Services PMI reports will be released on Thursday. These reports provide business conditions in the US manufacturing and services sectors, which are representative of overall economic conditions. Policymakers use these reports as forward-looking indicators reflecting trends in the overall economy.

Key events this week include the Fed meeting minutes on Wednesday, S&P Global Services PMI data on Thursday, July existing home sales data on Thursday, July new home sales data on Friday, and a speech by Fed Chair Jerome Powell on Friday. Powell will speak at the Jackson Hole Economic Policy Symposium, an annual global forum for central bankers, policy experts, and academics in Wyoming. 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 have shown that inflation continues to fall toward the Fed’s 2% target, consumer spending is holding up, 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.

While tech stocks have rebounded, crypto assets have been sluggish. Total market capitalization is down 1.3% on the day at $2.17 trillion, though remaining rangebound since recovering back over $2 trillion following the big market dump earlier this month. Bitcoin could not hold above $60,000 and has retreated back to around $58,700 during the Monday morning Asian trading session. Ethereum has fared a little better, gaining marginally on the day to trade at $2,642 at the time of writing.