The upcoming week promises to be eventful with a robust economic calendar scheduled for the United States. Significant reports are rekindling focus on inflation, while a flurry of bank earnings is anticipated towards the week’s conclusion. The Kobeissi Letter, a macroeconomics outlet, has outlined the crucial economic events in the United States for the week starting January 8.
The Economic Calendar for the Current Week
They unveil reports on consumer credit, trade deficit, and wholesale inventories on Monday, Tuesday, and Wednesday, but these typically have a limited impact.
Thursday could stir interest as they release the December consumer price index report, marking the highlight of the week’s economic calendar. These CPI figures play a crucial role in gauging whether inflation sustains its downward trajectory or stagnates around 3%.
Projections indicate a 0.2% increase in the CPI for December. While not overly substantial, such a rise in consumer prices could impede some of the recent headway on inflation, potentially pushing the annual price increase from 3.1% to 3.3%.
This development might reverberate through the Federal Reserve’s policies, influencing its endeavors to manage interest rates.
The monthly budget deficit for December is set to be revealed on December 11, with an anticipated total of approximately $62.5 billion. Concurrently, the US national debt surged to a record high of $34 trillion last week, showing no signs of abating.
All eyes will be on the Securities and Exchange Commission on Wednesday, December 10, marking the final date for the ARK 21Shares spot Bitcoin ETF decision. Analysts express confidence that the regulator will greenlight all applications simultaneously to prevent any first-mover advantage.
Friday, December 12, brings a flurry of bank earnings calls, with Wells Fargo, Bank of America, BlackRock, BNY Mellon, Citigroup, and JPMorgan Chase among the notable institutions in the spotlight for quarterly reports.
Weekend Prospects for the Cryptocurrency Market
The upcoming economic events are not likely to significantly influence the cryptocurrency markets, as their major moves hinge on the SEC’s decision. Positive news may trigger an initial surge, but a substantial downturn is anticipated in case of SEC denials.
The markets continued their gradual descent over the weekend, with total capitalization dipping to $1.68 trillion by Monday morning trading in Asia.
Bitcoin experienced a 1.4% decline, falling to $43,283. Meanwhile, Ethereum retreated by 3% to $2,175 at the time of reporting.
Additionally, several high-cap altcoins are grappling with substantial losses. Solana, Avalanche, Cardano, Polkadot, and Polygon are all deeply in the red as of the latest updates.