Bitcoin recorded its longest rally since 2021 on December 15, marking seven consecutive weeks of gains. Meanwhile, the Dow Jones Industrial Average and S&P 500 lost value, while the Nasdaq continued to rise. Next week will be the last major monetary policy week of 2024, drawing the attention of investors in both traditional finance and cryptocurrency markets. Key figures such as European Central Bank President Lagarde, Bank of Canada Governor Macklem, and Federal Reserve Chairman Powell will give speeches and hold press conferences. The Bank of Japan will also announce its interest rate decision. The US third-quarter annualized real GDP rate, real personal consumption expenditures, and the Philadelphia Fed Manufacturing Index will also be released. On Friday, the Federal Reserve’s key inflation indicator, the Personal Consumption Expenditure Price Index (PCE), will be released. Here are all the details…
Bitcoin rose for seven consecutive weeks on December 15, the longest-running gain since 2021. This week, the Dow Jones Industrial Average lost 1.82%, the S&P 500 lost 0.64%, and ended a three-week winning streak. The Nasdaq rose 0.34%. The week ahead will draw investors’ attention as the last important monetary policy week of 2024. The week’s highlights are as follows:
European Central Bank President Lagarde is due to give a speech on Monday.
Bank of Canada Governor Macklem is due to give a speech on Tuesday.
On Thursday, the Federal Reserve will release its interest rate decision and a summary of economic expectations.
On Thursday, Federal Reserve Chairman Powell will hold a press conference on monetary policy.
The Bank of Japan will announce its interest rate decision on Thursday.
On Thursday, Bank of Japan Governor Kazuo Ueda will hold a monetary policy press conference.
On Thursday, the U.S. third-quarter annualized real GDP rate, real personal consumption expenditures and the Philadelphia Fed Manufacturing Index for December will be released.
The Personal Consumption Expenditure Price Index (PCE), which will be released on Friday, is particularly important as the Fed’s preferred key inflation indicator. Economists predict that November’s PCE (excluding food and energy) could rise by 0.2%, the weakest increase in three months. The report could also show strong growth in consumer spending and income, indicating that the economy is resilient. In addition, November U.S. retail sales data, to be released on Tuesday, could show similar strength. According to CME’s “Fed Watch” data, there is a 96% chance that the Fed will cut interest rates by 25 basis points in November, while there is a 4% chance that it will hold interest rates steady at 4.75%-5.00%.