Take A Look At The Factors That Could Impact The Crypto Market This Week

• The US central bank’s interest rate decision will be made on Wednesday, June 12. Consequently, all eyes are fixed on the date. 

• However, interest rates may hold steady this week as a result of good employment numbers from May. Nevertheless, the Federal Reserve is expected to remain on hold with unchanged rates. 

• Many industry professionals believe interest rates will remain constant at a target range of 5.25%-5.50% during June 11-12 2024 federal open market committee meeting due to additional inflationary forces reviewed during this period to ease up.

Key Events Of The Coming June Economic Calendar 

June 12 is set to bring some very key economic statistics, namely the core CPI data. This is important information because it helps to measure how much inflation we have in our economy; as such it greatly influences the Federal Reserve’s choice of what interest rates should be set at or changed because they use this number for making such decisions.

A high Consumer Price Index reading signifies that inflation is increasing thus making the Federal Reserve either raise rates or maintain them stable. Yearly percentage change in the Consumer Price Index rate will most likely stay at 3.4%, therefore, no need to change again.

Reports on core PPI (producer price index) will be released on Thursday, June 13. Domestic firms use it as an additional gauge for getting better grades in inflation because it shows changes in the prices of goods made within the US.

Federal Reserve & The Crypto Market Influence  

The crypto market prices have likely gotten the clue about the Fed rate decision since it’s a foregone conclusion that the latter isn’t going to be adjusted. Though we might see some instability by mid-week, the horizontal trend is bound to persist. But owing to the high control from Bitcoin, other coins might suffer significant losses during this period and this makes it improbable for altseason to happen yet.

On June 9th. ‘Emperor’ the crypto trader told his 390 thousand followers on X about the current market situation.

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That’s all for today! Catch you tomorrow with even more amazing updates on the world of crypto, only at ReadingCrypto – your daily news partner!