3 Things That Could Move Markets With Big Inflation Reports Due This Week
Crypto markets have seen significant gains over the weekend, with Bitcoin pushing past $81,000 into new price discovery zones. The Federal Reserve's recent interest rate cut by 25 basis points and Donald Trump's victory in the US presidential elections have fueled the market. Fed Chair Jerome Powell has reiterated that the central bank's future policy decisions will depend on economic reports, and this week will see key inflation data released.
Powell believes rates remain restrictive even after last week's reduction, suggesting inflation is on a path toward the Fed's 2% target. The release of October's CPI inflation report and October's Producer Price Index (PPI) report will also impact the market.
Crypto market capitalization has climbed to its highest level since mid-March, reaching $2.88 trillion. Bitcoin hit an all-time high of $81,800 and remains over $80,500, indicating momentum could continue.
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