• This article discusses the economic releases in this week, including the minutes from the Federal Open Market Committee (FOMC) meeting and jobs reports.
• It also notes that the U.S. Fed is expected to resume rate hikes with a 25 basis point (bps) boost at its next meeting in late July.
• Finally, it mentions that market participants are relying on Job Openings and Labor Turnover Survey (JOLTs) report for signals on the employment outlook.
Economic Releases For This Week
The shortened U.S. holiday week means a somewhat compressed schedule of economic data that could affect the inflation and interest rate outlook, and thus the prospects for bitcoin (BTC) and other cryptocurrencies.
Federal Open Market Committee Minutes
Coming on Wednesday at 2 p.m. (ET) will be the minutes from the U.S. Federal Reserve’s mid-June meeting of its rate-setting Federal Open Market Committee (FOMC). The Fed at that meeting paused its more than year-long series of rate hikes that had taken its benchmark fed funds rate to 5%-5.25% from 0% in early 2022. In public comments since that meeting, Fed officials – including Chairman Jay Powell – have made clear that the pause in rate hikes was indeed only a pause. Policymakers at the central bank currently expect to increase rates at least twice more in 2023 with traders forecasting an 89% chance of resuming rate hikes with a 25 basis point boost to come later in July .
Jobs Reports
Market participants will get a preview of what June’s employment situation looked like on Thursday from the ADP Employment Report with forecasts expecting a sizable slowdown in private sector hiring to 160,000 jobs in June from 278,000 in May.. Coming just a few minutes later will be initial jobless claims figure which has crept higher but remains below levels associated with overall job losses in economy while economists forecast it to show 245,000 versus 239,000 previously.. Ninety minutes later is Job Openings and Labor Turnover Survey report gaining importance as market participants seek signals on employment outlook where number has edged lower over past year signaling modest softening trends .
ISM Manufacturing Survey
In addition, national ISM manufacturing survey , released during long July 4 weekend , fell to weakest level since May 2020 .
Conclusion
This week’s economic releases include FOMC Minutes and various Jobs Reports which could affect inflation and interest rates as well as prospects for Bitcoin and other cryptocurrencies while ISM Manufacturing Survey showed weakening trend after last weekend .