Another busy week begins on the US economic calendar with important inflation data and March Federal Reserve Board meeting minutes.
Market participants are eagerly awaiting the release of Core Consumer Price Index (CPI) statistics, which are a leading indicator of inflation.
Additionally, the first quarter 2024 earnings season begins on Friday with reports from some of the country's largest banks.
economic calendar
Core CPI statistics for March are scheduled to be released on Wednesday. This report is one of two main indicators used to measure inflation, the other being personal consumption expenditures (PCE).
The CPI reflects price trends in the economy and directly influences the determination of the Federal Reserve's policy interest rate. That number is expected to decline slightly, according to Market Watch.
On Thursday, the Producer Price Index (PPI) report for March, which reflects input prices for producers and manufacturers, will be released.
The index measures the cost of producing consumer goods, which directly affects retail prices, and is considered a good advance indicator of inflationary pressures.
Michigan Consumer Confidence and Consumer Inflation Expectations for April will be released on Friday, April 12th.
These reports provide monthly survey results on consumer confidence levels and long-term inflation views. Consumer confidence directly impacts spending, which accounts for about 70% of a country's GDP.
The Fed's Federal Open Market Committee (FOMC) minutes for March will be released on Wednesday, and several central bank speakers are scheduled for this week. Fed policymakers, including Chairman Jerome Powell, don't seem convinced that inflation is subsiding and will be watching these reports for evidence either way. .
The official US inflation rate is 3.2% and is expected to rise to 3.4% in March, potentially sparking market volatility.
Virtual currency market outlook
Cryptocurrency markets remained relatively stable over the weekend, with total capital in Asia at $2.71 trillion on Monday morning.
Bitcoin briefly soared above $70,000 on Sunday, but quickly returned to $69,500 and has remained in tight trade for the past 24 hours.
Ethereum rose 1% on the day, reaching $3,420 at the time of writing. As of Monday morning, most altcoins were in the red, with Solana and Litecoin having bigger losses.
