Upcoming U.S. Economic Events Crucial to Crypto Market Trajectory This Week

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Upcoming U.S. Economic Events Crucial to Crypto Market Trajectory This Week

2023-05-22 02:40:27 ET

The financial world awaits another trend in economic events as talk of debt default by June 1 dominates the monetary sector. Meanwhile, these events will likely influence sentiment within the cryptocurrency market.

U.S. Treasury departments have already warned of the potential U.S. default of $31.4 trillion in debt by June 1, 2023. Additionally, the next labor market report later this month remains vital as the Fed considers a pause in rate hikes. This comes after the federal government has continuously raised rates over the past few months.

Latest updates from Invezz.com reveal that President Joe Biden has said he will not agree to debt deals that shield wealthy tax cheats and cryptocurrency investors while risking food aid for most Americans. The US president made the remarks at the G7 summit.

Nevertheless, ignoring the deals will not result in an impressive US economy. Treasury’s Janet Yellen had warned that no deal would mean the US government would put the United States and the global economy at risk.

Upcoming US economic events to watch

THIS WEEK

➡️ Fed FOMC Minutes ~ May 24, 9:00 PM IST

➡️ Unemployment benefits in the United States ~ May 25, 3:30 p.m. IST

Wait~250K Back~242K

➡️ US GDP ~ May 25 3:30 PM IST

Wait~1.1% Back~2.6%

➡️ US Core PCE ~May 26, 3:30 PM IST

Waiting ~4.6% Previous ~4.6%

— Gaurav | CryptoGuy ₿ (@gaurav15706) May 22, 2023

As we come to the end of May 2023, many await economic events. In addition to debt ceiling talks, the market awaits the May 2023 FOMC meeting minutes on May 24 (Wed).

Meanwhile, market participants will be watching how the Federal Reserve has pondered the trajectory of rate hikes in current and upcoming federal meetings. In addition, the PCE (Personal Consumption Expenditure) index will arrive on May 26 (Friday).

The drop in the number of PCEs could lead to a surge in the price of Bitcoin and the entire crypto market. Meanwhile, several federal officials will speak in the coming days. Markets expect them to support rate breaks, which could impact crypto prices.

Additionally, Neel Kashkari, Federal President of Minneapolis, said he would support breaks in the hike at the next FOMC summit – June 2023. Indeed, the remaining month of May 2023 has many events that will likely shape the markets. crypto in the next week or two.

The post Upcoming US economic events crucial to the trajectory of the crypto market this week appeared first on Invezz.

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