The crypto market has been largely impacted by crypto-specific news in recent days, namely the SEC’s lawsuits filed against Binance and Coinbase. However, economic news is likely to dominate the next week.

Here is the calendar:

  • The U.S. Consumer Price Index for May will be released on Tuesday. Market observers will be watching to see if the annual headline inflation rate will slow down from April’s rate of 5.5% and whether the core rate will drop from its current rate of 4.9%. The U.S. Federal Reserve has been forced to raise rates due to stubbornly high inflation. This has had a negative impact on the crypto markets and bitcoin in particular.
  • The results of the Federal Open Market Committee (FOMC), June meeting, will be announced at 2 p.m. ET on Wednesday. The Fed is expected to halt its historic rate hikes that began in March 2022. The benchmark fed funds rate has moved from a range between 0.00-0.25% up to the current 5.0%-5.25%. Fed Chair Jerome Powell is scheduled to hold a press briefing following the meeting.
  • The Producer Price Index for May will be released on Wednesday. The headline PPI was not as closely followed as the CPI. It slowed down to 2.3% and the core rate went up to 3.4% in April.
  • Initial jobless claims will be released on Thursday for the week ending June 10. The number of claims began to rise over the last couple of months and then exploded by 28,000, reaching a high of 261,000, which is about 18 months old. This suggests a weak labor market, despite the fact that nonfarm payrolls show job growth.
  • The European Central Bank will also announce its latest decision on rate hikes Thursday. Since last July, the ECB has increased rates on a regular basis as other countries have also sought to reduce high inflation.

James Rubin is the editor.