According to CryptoPotato, the cryptocurrency market experienced a stagnant weekend following a decline last week, which brought the total market capitalization down to $2.38 trillion. The upcoming week's economic calendar, filled with key inflation data and several Federal Reserve speeches, could potentially trigger more market volatility.
Tuesday will see the release of the core Producer Price Index (PPI) report, a key indicator of input prices for producers and manufacturers. This report measures the costs of producing consumer goods, which directly impacts retail pricing. The PPI report is often seen as a precursor to inflationary pressures and serves as a leading indicator for the following month's Consumer Price Index (CPI) report.
Key events to watch this week include the release of April's PPI inflation data and a speech by Federal Reserve Chair Jerome Powell on Tuesday. This will be followed by the release of April's CPI inflation data and retail sales data on Wednesday. Thursday will see the release of the Philadelphia Fed Manufacturing data. In total, there will be 12 Federal Reserve speaker events throughout the week.
The Core CPI report for April, which is one of the two main indicators used to measure inflation, will be released on Wednesday. The other key inflation indicator is Personal Consumption Expenditures (PCE). The CPI report directly influences price trends in the economy, consumer spending, and business outlooks, and it also has a direct impact on the Federal Reserve's policy rate decisions.
The Kobeissi Letter noted that if CPI inflation rises again this week, it would mark the third consecutive monthly increase. A survey conducted by the Conference Board last week revealed that the majority of US CEOs expect the Fed to cut rates only once this year. Out of 136 CEOs surveyed, 31% do not anticipate any rate cuts this year, while 26% predict two rate cuts.
In the crypto market, Bitcoin prices were around $61,000 at the time of writing, down 4.3% from the same time last week. Ethereum has not managed to recover above $3,000 after falling below it on May 10 and remains short-term bearish at $2,900. Most altcoins were in the red, with larger losses for Solana, Dogecoin, Avalanche, and Near Protocol.
