From beincrypto by Lockridge Okoth

Crypto market participants, including traders and investors, should brace for multiple US economic data this week, which could affect their portfolios. Key events this week could drive volatility after the US CPI (consumer price data) last week.

Meanwhile, Monday’s US President’s Day will keep markets closed, but Bitcoin (BTC) will be available for trading throughout.

US Economic Events on the Crypto Calendar This Week

As the influence of US economic data on crypto markets remains apparent, traders and investors must watch out for the following data this week.

January FOMC Minutes

The Federal Reserve (Fed) will release minutes from January’s FOMC (Federal Open Market Committee) meeting on Wednesday, February 19. This is one of the most important US economic data this week, as what policymakers say could help markets further gauge the Fed’s interest rate outlook.

The minutes come after recent reports indicated CPI inflation jumped month over month. This effectively marked bad news in the short term, with crypto markets showing negative sentiment. However, there are no major signs of inflation re-acceleration.

The Fed chair, Jerome Powell, told a Senate Banking Committee that he is not in a hurry to cut interest rates. President Donald Trump pressed for bigger rate cuts to counter high inflation, but Powell held firm.

Market participants now brace for further adjustments as they await additional policy updates. The January FOMC minutes could provide some insight into this matter, specifically addressing whether rate cuts are incoming or that policymakers lean toward more hawkish signals.

“The minutes are widely expected to mirror Fed’s Powell testimony on economic conditions against the Senate last week,” financial market analyst Atif Ismael shared.

Initial Jobless Claims

Beyond the January FOMC minutes, the crypto market will also watch the initial jobless claims on Thursday, providing insight into the US labor market. For the week ending February 15, US citizens filing new applications for unemployment insurance was 213,000. 

This print missed initial estimates and was lower than the previous week’s revised tally of 220,000. According to the US Department of Labor (DoL), the report highlighted a seasonally adjusted insured unemployment rate of 1.2%. MarketWatch data shows a median forecast of 215,000 for this week’s initial jobless claims.