Although tensions in the Middle East and rising oil prices continue to disturb people's hearts, the strong performance of the US employment report helped the stock market close higher last week. Currently, inflation and interest rate cuts are hot topics, and investors are eagerly awaiting this week's CPI data and the minutes of the Federal Reserve meeting to get a glimpse of the Fed's subsequent moves.
The global digital asset market received positive news on Monday morning, and this week is expected to be a critical period. In the past 24 hours, the total market value of the cryptocurrency market soared by 3%, breaking through the $2.22 trillion mark. Among them, Bitcoin rose sharply, successfully recovering the lost ground of $63,000.
This week, investors will be closely watching several key reports, especially the Consumer Price Index (CPI) for September. With the upcoming release of the Federal Reserve meeting minutes, the market inflation trend is expected to be further revealed.
The market is on edge as a series of important events could trigger sharp fluctuations. Nvidia's artificial intelligence summit kicks off on Monday, PepsiCo's earnings report is released on Tuesday, and the minutes of the Federal Open Market Committee meeting of the Federal Reserve will be released on Wednesday, providing important clues to the direction of interest rate policy.
Powell sent a clear signal that the Fed is not in a hurry to cut interest rates significantly. At the NABE annual meeting, he emphasized that any rate cut will be gradual, possibly only 25 basis points, and the Fed has no sense of urgency. The November employment report may play an important role before the Fed's next interest rate decision.
After a sharp 50 basis point rate cut in September, the Fed minutes are expected to further underline the consensus for rate cuts. Most officials support further rate cuts, although hawks may want only a 25 basis point cut in November.
This Thursday, the market will face multiple challenges, including US CPI inflation data, Tesla (TSLA) Robotaxi activities, AMD (AMD) artificial intelligence demonstrations, and unemployment benefit application data. Among them, the US CPI report is particularly eye-catching. Investors expect the overall inflation rate to fall to 2.3%, while the core inflation rate will remain stable at 3.2%. If the CPI data is lower than expected, it will increase the Fed's confidence in achieving a soft landing of the economy. On Friday, JPMorgan Chase (JPM) earnings report, PPI inflation data and US consumer confidence report will be released one after another.
In the cryptocurrency market, Bitcoin successfully broke through the $63,000 mark after several adjustments, indicating that the cryptocurrency market may usher in a big rise in October. In the past 30 days, BTC has risen by more than 17%, although it has slightly corrected in the past 7 days. At the same time, mainstream altcoins such as Ethereum also showed an upward trend, suggesting that other cryptocurrencies may enter an upward channel.
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