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BlockNews
Home FINANCE

Here are the Important Economic Data Events Scheduled for This Week

Michael Juanico by Michael Juanico
May 13, 2024
in FINANCE
Reading Time: 2 mins read
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  • The downtrend in inflation has stalled so far this year, putting in doubt the odds for any Fed rate cuts in 2024.
  • Upcoming inflation data this week is likely to be a catalyst for Bitcoin price movements, either up or down.
  • CoinDesk is an independent media outlet covering the cryptocurrency industry, recently acquired by the Bullish group while maintaining editorial independence.

Bitcoin has been cautiously recovering in recent weeks, but upcoming inflation data could act as a catalyst for further movement. This week’s inflation figures will likely sway bitcoin either up or down.

Here are the important economic data events scheduled for this week 👇

• Speech by Fed Chair Jerome Powell

• Consumer Price Index (CPI) Release

• Producer Price Index (PPI) Release

• Unemployment Claims

• Retail Sales Report

Is this bullish or bearish for #Bitcoin?

— BlockNews.com (@blocknewsdotcom) May 13, 2024

Inflation Trend in Question

The downtrend in inflation stalled earlier this year, putting potential Federal Reserve interest rate cuts in 2024 into doubt. If inflation remains sticky going forward, the Fed may be less inclined to cut rates next year. This could negatively impact risk assets like bitcoin.

Upcoming Data Critical

The inflation data slated for release this week will be closely watched by cryptocurrency investors. The consumer price index and producer price index reports could affirm or alter the narrative around peaking inflation. The crypto market reaction will hinge on whether the data suggests inflation pressures are abating or persisting.

Disclosure

CoinDesk is an award-winning cryptocurrency news outlet with strict editorial policies. In November 2023, it was acquired by the Bullish group, owner of the regulated exchange Bullish. Bullish is majority-owned by Block.one and has interests in various digital asset businesses. CoinDesk operates independently with an editorial committee.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinCoinDeskcryptoFederal Reserveinflation
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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