This Week's Agenda in Bitcoin and Altcoins: US Inflation Data! While Inflation Remains Strong, Famous US CEOs Last Hope on the FED!
As we enter an important week where critical data for Bitcoin and altcoins will be announced, US CPI and PPI data will be announced this week.
Apart from these data, the statements of FED President Jerome Powell and many FED members will also be followed in crypto money and global markets.
While the predictions in the market are for the Consumer Price Index (CPI) to remain strong in April; Inflation remained stubbornly above the Fed's 2% annual target in the first half of this year, even as higher interest rates dragged it down.
FED officials generally state that it is too early to reduce interest rates and that inflation is still well above the 2% target.
At this point, while expectations for the FED's interest rate cut have decreased since the beginning of 2024, a leading commentary platform, The Kobeissi Letter, stated in its latest assessment that the general expectation is that the CPI will remain high and said, “If the CPI rises again this week, this will indicate the third consecutive monthly increase.” ” said.
The Kobeissi Letter also included the thoughts of the CEOs of leading US companies about the possibility of a rate cut by the FED.
Stating that according to the April Conference Board CEO Confidence survey, the majority of US CEOs expect the FED to cut interest rates only once this year, Kobeissi said, “31% of the 136 CEOs who participated in the survey said they do not expect any interest rate cuts this year; % “26 of them said they expected only two interest rate cuts,” he said.
“38% of famous CEOs expect only one interest rate cut in 2024, while markets are pricing in only 2 interest rate cuts this year, the first of which will be in September.
*This is not investment advice.*