Ethereum

FOMC

Cardano

Bank

United

<ul>
 <li>On Friday, August 30, the US Bureau of Economic Analysis will unveil the US PCE figures.</li>
 <li>If the PCE inflation number is greater, the crypto market will face more selling pressure.</li>
</ul>
Economists in the United States are predicting a rather strong reading for personal consumption expenditures (PCE) price index, the favored inflation indicator of the <a href="https://thenewscrypto.com/federal-reserve-ends-enforcement-actions-against-silvergate-bank/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve</a>. This means the US FOMC will have to think about cutting interest rates in September. If the PCE price index number is greater, the crypto market will face more selling pressure.
On Friday, August 30, the US Bureau of Economic Analysis will unveil the US <a href="https://www.bea.gov/data/personal-consumption-expenditures-price-index" target="_blank" rel="noopener noreferrer nofollow">PCE price index</a> figures for July. Economists are projecting a yearly PCE of 2.6%, up from 2.5% last month. Additionally, a monthly increase of 0.2% is anticipated in the PCE, up from 0.1% in the previous month.
Core PCE, which does not include energy and food costs, is expected to increase 2.7% annually and 0.18 percent monthly. Markets expect inflation to remain low, even though the forecasts are somewhat higher than PCE figures from June.
<h3 class="wp-block-heading" id="h-interest-rate-cut-likely">Interest Rate Cut Likely</h3>
As reported by Morningstar, José Torres, a senior economist at Interactive Brokers, predicts that we will see further progress in addressing inflation. He said that this was because of the decline in the price of goods, crude oil, and gasoline. But today’s skyrocketing prices for gold, natural gas, and crude oil have traders on edge.
If PCE inflation is larger than expected, the values of Bitcoin and Ethereum are likely to decline. A wider sale of cryptocurrency will be set off by this. Prior to the Federal Reserve’s rate reduction on September 18, the European Central Bank (<a href="https://thenewscrypto.com/bitcoin-news-ecb-raises-interest-rates-by-0-25-amid-inflation-concerns/" target="_blank" rel="noopener noreferrer nofollow">ECB</a>) is contemplating a rate drop on September 12.
This development will provide traders more signals. Rate cuts are being considered by ECB officials, and this Friday will bring inflation data from France, Italy, and the rest of the Eurozone.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/cardano-fails-to-break-out-of-bullish-descending-wedge-whats-next-for-ada/" target="_blank" rel="noopener noreferrer nofollow">Cardano Fails to Break Out of Bullish Descending Wedge: What’s Next For ADA?</a>

U.S PCE Forecast Sparks Fears of Crypto Market Sell-off

Table of Contents

TheNewsCrypto

Other articles published on Aug 29, 2024

Weekly Article Recap: 8/19-8/24

Aptos Labs Makes Strategic Investment in Mereo to Revolutionize Fan Engagement

Top Cryptocurrencies to Invest in for High Returns This Month

Nearly $500 Million Bitcoin Withdrawal Stuns Major US Exchange

LINE Messenger to Introduce Mini-dApps with Kaia Blockchain Partnership

XRP News Today: The Hidden Implications of Ripple Lawsuit Ruling on XRP Price

Join our free newsletter for daily crypto updates!