U.Today – Minutes from the Federal Reserve's July meeting will be released on Wednesday this week, followed by the Jackson Hole symposium on Thursday.
Traders will be keeping an eye on the annual economic policy symposium at Jackson Hole this week, which may provide further clarity on the outlook for interest rates, and at which Fed Chair Jerome Powell is scheduled to speak.
Powell will speak at the annual event on Friday, which brings together economists, policymakers and academics from around the world.
Markets have fully priced in a Fed rate cut in September, but the odds of a 50-basis-point cut have narrowed to 28.5%, according to CME's FedWatch tool.
Expectations
Wall Street expects Federal Reserve Chairman Jerome Powell to confirm interest rate cuts at the central bank's annual meeting in Jackson Hole, Wyoming.
Investors are still processing last week's announcement of stronger-than-expected U.S. retail sales figures for July and initial weekly jobless claims. The statistics helped ease recent fears about the strength of the U.S. economy, boosting global stock markets.
While markets expect the Fed to begin cutting borrowing costs at its September meeting, Powell could easily remain tight-lipped about the timing of rate cuts in his Friday speech. It would be in his nature to be cautious and noncommittal about announcing exactly how much rates might be cut when the Fed ends its easing.
Price action in the cryptocurrency market
The cryptocurrency market is seeing a mixed reaction in early trading on Monday ahead of the release of the Federal Reserve meeting minutes and the central bank's highly anticipated symposium in Jackson Hole this week.
and a handful of other cryptocurrencies, including Ethereum, Ethereum Classic, Ethereum Classic (ETC), Ethereum Classic (ETC), and Ethereum Classic (ETC), have seen losses of between 3% and 13%. Some cryptocurrencies, such as Ethereum Classic (ETC), Ethereum Classic (ETC), and Ethereum Classic (ETC), were seeing gains of between 2% and 4%.
Bitcoin and the broader cryptocurrency market are posting losses so far this month, even as global markets rally to record highs after shaking off recession fears over the U.S. economy. Bitcoin is down about 10% in August.
Analysts have identified the risk of selling Bitcoin seized by the US government (reportedly worth over $12 billion) as one of the challenges for digital assets.
This article was originally published on U.Today
