The next 28 days or so are packed with major macro catalysts that could reshape interest-rate expectations and inject fresh volatility into bitcoin and the broader crypto market.
After the PCE and jobs data released last week, focus shifts back to the Federal Reserve, which, ahead of the next FOMC meeting at the end of the month, still needs to digest more information, including the CPI numbers.
Inflation Takes Central Stage (Again)
The first major date to watch is October 7, when the central bank will release the minutes from the previous FOMC meeting held on September 15-16, in which it raised interest rates for the first time in over three years. The document should provide additional insight into policymakers’ thinking and, perhaps even more importantly, how they view the path forward.
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The September Consumer Price Index (CPI) is next and comes out on October 14. It remains one of the most watched macro releases for risk assets. An upside surprise has historically strengthened the case for tighter monetary policy, while a softer reading could produce the opposite reaction.
A day later comes another crucial inflation data point, with the release of the September Producer Price Index (PPI). The report measures price changes from the perspective of domestic producers and can offer additional evidence about underlying inflationary pressures.
The September retail sales will also be announced on that day, making it a particularly important date. Strong consumer spending could reinforce the idea that the US economy remains resilient despite restrictive monetary conditions, and vice versa.
Fed Into Focus
The single biggest event of the month arrives on October 28 when the Federal Reserve will conclude its two-day FOMC meeting, with the policy statement due at 2:00 p.m. ET and Chair Kevin Warsh’s press conference scheduled half an hour later.
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The combination has quite obvious implications for risk on assets like bitcoin. Beyond the rate decision itself, which could be priced in by then, markets will be watching Warsh’s language for any clues about whether the central bank believes further tightening is necessary.
However, only a day after investors digest the Fed’s decision, the US will publish two highly important reports: the advance estimate of third-quarter GDP and September Personal Income and Outlays, which includes the Fed’s preferred PCE inflation gauge.
The timing makes the final week of the month particularly important. The September PCE reading will arrive too late to influence October’s FOMC decision itself, but it could immediately reshape expectations for the central bank’s final meeting of the year.
Separately, October is BTC’s greenest month historically, which could lead to additional volatility and possibly gains, even though, as we know, history is no indication of future price performance.