According to CryptoPotato, the upcoming week is set to be eventful on the US economic calendar, with crucial inflation data and the minutes from the March Federal Reserve meeting due to be released. The Core Consumer Price Index (CPI) figures, a leading inflation indicator, are eagerly anticipated by market participants. The first quarter of 2024 earnings season also begins on Friday with reports from some of the country's top banks.
Key events this week include the release of the March CPI Inflation data and the Federal Reserve meeting minutes on Wednesday, the March Producer Price Index (PPI) Inflation data and Initial Jobless Claims data on Thursday, and the Michigan Consumer Sentiment data on Friday. Additionally, a total of eight Federal Reserve speaker events are scheduled for this week.
The March Core CPI data, one of the two primary indicators used to measure inflation, is due on Wednesday. This report reflects the price trends in the economy and directly influences the Federal Reserve's policy rate decisions. The figures are expected to show a slight decrease, according to Market Watch.
On Thursday, the March Producer Price Index (PPI) report will be released, reflecting input prices for producers and manufacturers. This index measures the costs of producing consumer goods, which directly affects retail pricing and is seen as a good pre-indicator of inflationary pressures.
The Michigan Consumer Sentiment Index and preliminary Consumer Inflation Expectations reports for April are due on Friday, April 12. These reports provide the results of a monthly survey of consumer confidence levels and views of long-term inflation. Consumer confidence directly impacts spending, which contributes around 70% of the country's GDP.
The minutes of the March Federal Reserve FOMC meeting are due on Wednesday, and several central bank speeches are scheduled for this week. Federal Reserve policymakers, including Chair Jerome Powell, are not yet convinced that inflation has subsided and will be looking towards these reports for evidence.
The official inflation rate in America is 3.2%, with a forecast increase to 3.4% for March, which may induce market volatility. In the crypto market, Bitcoin had a brief spike of over $70,000 on Sunday but quickly retreated back to $69,500, where it had been trading tightly for the past 24 hours. Ethereum has gained 1% on the day to reach $3,420 at the time of writing. The altcoins are mostly in the red this Monday morning, with heavier losses for Solana and Litecoin.