The coming week appears to be dominated by the macroeconomic situation, with US economic data representing the main calendar risk. Inflation, growth, jobless claims and housing numbers all land before the open, giving markets a glimpse of how much room the Fed has to cut rates.
Forecast markets and the CME’s FedWatch tool currently indicate that rates will remain unchanged at the June meeting.
This data comes amid the ongoing war in the Middle East, which keeps oil prices and the risk of inflation in focus. Any rise in energy costs could make it harder to maintain lower inflation and weigh on risky assets.
What to watch
(All times ET)
- Cryptocurrency
- May 26 – June 1: Kevin Warsh officially begins his first week as head of the Federal Reserve following his confirmation.
- Macro
- May 26, 8:00 a.m.: S&P/Case-Shiller US housing prices over one year for March est. 1.1% (previous 0.9%)
- May 26, 8:00 a.m.: Year-over-year US housing price index for March est. 1.8% (previous 1.7%)
- May 26, 9:00 a.m.: CB consumer confidence in the United States for May 92 (previous 92.8)
- May 26, 8:30 p.m.: Australia year-on-year consumer price index for April est. 4.4% (previous 4.6%)
- May 27, 8:00 p.m.: Bank of Korea interest rate decision (previously 2.5%)
- May 28, 4:00 a.m.: Eurozone economic sentiment for May est. 92 (previous 93)
- May 28, 7:30 a.m.: One-year US PCE price index for April (previously 3.5%); Core PCE (previous 3.2%)
- May 28, 7:30 a.m.: First claims for unemployment benefits in the United States for the period ending May 23, est. 212,000 (previous 209,000)
- May 28, 08:00: Reserve Bank of South Africa interest rate decision is. 7.0% (previous 6.75%)
- May 28, 9 a.m.: U.S. new home sales for April, est. 0.67 M (previous 0.682 M)
- May 28, 3:30 p.m.: Balance sheet of the American Fed for the period ending May 27 (previous $6.713 T)
- May 28, 6:30 p.m.: Japan-Tokyo consumer price index year-on-year for May (previous 1.5%)
- May 29, 7:30 a.m.: Annualized Canadian GDP growth rate for the first quarter (previous -0.6%); QoQ (previous -0.2%)
- May 29, 8:45 a.m.: Chicago US PMI for May est. 49.5 (previous 49.2)
- May 30, 8:30 p.m.: Chinese NBS manufacturing PMI for May est. 50.5 (prev. 50.3)
- Earnings
- Votes and calls on governance
- Compound DAO votes on a proposal to update Compound III supply caps for USDC, USDT and WETH in Optimism, Polygon and Unichain. Voting closes on May 25.
- Aave DAO is voting on a proposal to establish a 3 of 4 multisig reward operation to manage third-party incentive funding for growth campaigns. Voting closes on May 25.
- Instadapp DAO is voting on a proposal to rebalance wstUSR vaults, withdraw 750,000 FLUID to fund rewards, configure PST launch limits, and consolidate InstaConnectorsV2 administrative controls into the Multisig team. Voting closes on May 26.
- Bancor DAO is voting on a proposal to increase the MaxSaleAmount vortex parameter from 100 to 100,000 for the TAC and IOTA EVM blockchains. Voting closes on May 27.
- Arbitrum DAO votes on amended proposal to transfer 30,765.66 frozen ETH, related to the rsETH incident, to a wallet controlled by Aave LLC. Voting closes on May 29.
- Unlock DAO is voting on a proposal to address the May Constant Payroll, compensating contributors David Moderator, Ceci Sakura, and Trigs for their roles. Voting closes on May 30.
- Uniswap DAO votes on proposals to expand protocol fee infrastructure to BNB Chain, Polygon and Celo, and recall 12.5 million UNI delegated from the franchisor system to Governance Timelock. Voting closes on May 30.
- Unlocks
- May 26: Plasma (XPL) will unlock 3.38% of its circulating supply worth $7.39 million.
- May 26: Huma Finance (HUMA) to unlock 20.04% of its circulating supply worth $11.76 million
- May 29: Grass (GRASS) will unlock 3.55% of its circulating supply worth $11.29 million.
- May 30: Falcon Finance (FF) will release 4.06% of its circulating supply worth $8.26 million.
- June 1: EigenCloud (EIGEN) will unlock 4.99% of its circulating supply worth $8.48 million.
- Token Launches
