The Fed's preferred underlying price index, the U.S. core PCE price index for May, to be released this Friday, is expected to rise only 0.1% month-on-month in May, the slowest increase so far this year.

Fed Governor Cook said on Tuesday that it would be appropriate to lower interest rates "at some point," adding that she expects inflation to gradually improve this year and then make faster progress in 2025.

The crypto market will once again usher in a volatile moment.