A busy economic calendar is scheduled for next week, with several Federal Reserve officials commenting on last week's interest rate decision. Additionally, crypto markets have been cooling over the weekend, but will this week's economic developments bring them down?
The macroeconomics outlet The Kobeissi Letter listed the Key economic events for the United States. for the week beginning February 5. It follows a weekend of declines for the Bitcoin and cryptocurrency markets. They appear to be entering a period of consolidation ahead of the halving.
Economic calendar events
S&P Services PMI and ISM Non-Manufacturing PMI data will be released on Monday, February 5. These Purchasing Managers Index reports are used as reliable economic indicators and provide insight into where markets and economies are headed.
Furthermore, the initial unemployment claims data will be released on Thursday, but all eyes will be on the Fed speakers.
On Friday the Bureau of Labor Statistics will release its annual recalculation of seasonal adjustment factors for the consumer price index (CPI).
More than half a dozen members of the US Central Bank will speak this week. Federal Reserve officials will give insight into the bank's thinking. They will also discuss what recent economic reports mean for future central bank actions.
Minneapolis Fed President Neel Kashkari, Cleveland Fed President Loretta Mester and Philadelphia Fed President Patrick Harker will deliver remarks Tuesday.
Federal Reserve Governors Adriana Kugler and Michelle Bowman and Richmond Fed President Tom Barkin deliver remarks Wednesday. Finally, Dallas Federal Reserve President Lorie Logan speaks on Friday.
Read more: How to protect yourself from inflation using cryptocurrencies
Last week, Federal Reserve Chairman Jerome Powell said that March rate cut unlikely as officials search for more evidence that inflation Is under control.
Additionally, investors are waiting to hear how recent economic data will affect official views on future interest rate decisionsand the next one will be out on March 20.
Besides, Treasury Secretary Janet Yellen will testify before the Senate Banking Committee on Thursday to deliver the department's annual report on America's financial stability.
Big week for earnings reports
However, with few major economic reports due this week, investors will focus their attention on corporate earnings.
Leading companies in the retail, food and beverage, automotive, entertainment and pharmaceutical industries publish earnings reports this week.
Crypto markets have been cooling off over the weekend. Total capitalization fell 1.3% to $1.7 trillion during Monday morning's Asian trading session.
Bitcoin failed to advance much above $43,000 after Options expire last Friday. and has decreased 1.4% to $42,437 at the time of writing.
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