Following a volatile week in the cryptocurrency market, attention has shifted toward upcoming United States macroeconomic announcements. Analysts at the Kobeissi Letter highlighted several scheduled events, with three standing out as particularly significant for the crypto industry: the July Personal Consumption Expenditures (PCE) inflation report, revised second-quarter Gross Domestic Product (GDP) data, and Federal Reserve Chair Kevin Warsh's appearance at Jackson Hole.
The economic calendar picks up on Wednesday with the Bureau of Economic Analysis releasing July's PCE Price Index and core PCE. Economists expect core PCE to increase slightly month-over-month and register a 3.2% annual rise, keeping underlying inflation above the Fed's 2% objective. Hotter-than-expected inflation readings could strengthen expectations for elevated or higher interest rates, whereas softer figures could reduce pressure on the central bank.
Wednesday will also feature the release of the second estimate of US Q2 GDP. The advance reading previously indicated an annualized growth of 1.5%, down from 2.1% in the first quarter. Additionally, Nvidia is scheduled to report its earnings on the same day, alongside other data releases early in the week like Tuesday's August CB consumer confidence and July new home sales figures.
The week concludes on Friday with Fed Chair Kevin Warsh delivering his first keynote address at the annual Jackson Hole Economic Policy Symposium. The speech follows a July Fed meeting where the benchmark rate was held at 3.50%-3.75% and three policymakers voted for an increase, while longer-term Treasury yields have risen. Investors will watch the address for insights into inflation and potential monetary policy directions, which could impact assets such as Bitcoin following its recent price movements.
