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Crypto markets have held on to last week’s gains over the weekend following a boost from the Federal Reserve’s 0.5% interest rate cut. This week has a number of reports on consumer sentiment, gross domestic product, and more inflation data. “Expect more volatility and larger swings as markets shift attention to the next Fed meeting,” commented the Kobeissi Letter on Sept. 22. Economic Events Sept. 23 to 27 Monday will see the release of the S&P Global Services PMI (purchasing managers index) report which captures business conditions in the services sector that contributes significantly to total GDP. This is followed by consumer confidence reports on Tuesday, also reflecting conditions and sentiment in the overall economy. The regularly scheduled weekly jobs data will be available on Thursday, along with durable goods orders, a gross domestic product (GDP) revision, and pending home sales. Friday sees the personal consumption expenditures (PCE) price index report, which is one of the key indicators of inflation used by central bank policymakers in their decision-making. Key Events This Week: 1. S&P Global Services PMI data – Monday 2. CB Consumer Confidence data – Tuesday 3. August New Home Sales data – Wednesday 4. August Durable Goods Orders data – Thursday 5. Q2 2024 Final GDP Reading – Thursday 6. August PCE Inflation data – Friday… — The Kobeissi Letter (@KobeissiLetter) September 22, 2024 All eyes are on the Fed’s next meeting on November 7 which could see another rate reduction. The CME Fed Watch tool currently has a split 50:50 chance of a 25 basis point or another 50-point cut. In Asia, stock markets traded in a narrow range on Monday morning as investors weighed a raft of data that reinforced concerns about the health of China’s economy, reported Bloomberg. “Things in China are going from bad to…

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Filed under: News - @ September 23, 2024 5:21 am