- As we enter a crucial week for Bitcoin and altcoins, the US CPI and PPI data that will significantly impact these cryptocurrencies will be announced.
- Beyond these data, statements from FED Chairman Jerome Powell and several FED members will also be closely monitored in the crypto and global markets.
- The Kobeissi Letter, a leading commentary platform, in its recent assessment, indicated that the general expectation is for the CPI to remain high.
This article discusses the upcoming US CPI and PPI data and its potential impact on Bitcoin and altcoins, including insights from FED officials and CEOs of leading US companies.
US CPI and PPI Data: A Critical Week for Cryptocurrencies
As we step into a significant week for Bitcoin and altcoins, the US Consumer Price Index (CPI) and Producer Price Index (PPI) data, which are expected to significantly influence these cryptocurrencies, will be released. In addition to these data, the crypto and global markets will also closely follow the statements from FED Chairman Jerome Powell and several FED members.
Expectations and Predictions for the CPI
Market predictions are heavily leaning towards the CPI remaining strong in April. Despite high interest rates pulling it down, inflation stubbornly stayed above the FED’s annual target of 2% in the first half of this year. FED officials generally indicate that it is too early to lower interest rates, pointing out that inflation is still well above the 2% target. Expectations for a FED rate cut have been decreasing since the beginning of 2024. The Kobeissi Letter, a leading commentary platform, in its recent assessment, indicated that the general expectation is for the CPI to remain high. It stated, “If the CPI rises again this week, it will signal the third consecutive monthly increase.”
Insights from CEOs of Leading US Companies
The Kobeissi Letter also shared the thoughts of CEOs of leading US companies on the possibility of a FED rate cut. According to the April Conference Board CEO Confidence survey, most US CEOs expect the FED to cut rates just once this year. Kobeissi stated, “31% of the 136 CEOs surveyed do not expect any rate cuts this year; 26% expect only two rate cuts.”
Conclusion
As we step into a crucial week for cryptocurrencies, the release of the US CPI and PPI data, as well as statements from FED officials and CEOs of leading US companies, will be closely watched. The market predictions and expectations for the CPI to remain strong could significantly impact Bitcoin and altcoins. However, the actual impact will only be clear once the data is released and the market reacts.
