On December 15, Bitcoin extended its rally to seven weeks, marking the longest consecutive weekly gain since 2021. This week, the Dow Jones Industrial Average declined 1.82% cumulatively, the S&P 500 Index fell 0.64% ending a three-week winning streak, and the Nasdaq rose 0.34%. Next week, as the last important monetary policy week of 2024, will attract investors' attention. The key events are as follows:
Monday 15:30, speech by ECB President Lagarde;
Tuesday 04:45, speech by Bank of Canada Governor MacLem;
Thursday 03:00, FOMC to release interest rate decision and economic projections summary;
Thursday 03:30, Fed Chair Powell to hold a monetary policy press conference;
Thursday (time to be confirmed), Bank of Japan to announce interest rate decision;
Thursday 14:30, Bank of Japan Governor Kuroda to hold a monetary policy press conference;
Thursday 21:30, US Q3 real GDP annualized quarter-on-quarter revision, US Q3 real personal consumption expenditures quarter-on-quarter preliminary, US December Philadelphia Fed manufacturing index.
The PCE price index, the Fed's preferred inflation gauge, will be released next Friday. Economists forecast that the November PCE (excluding food and energy) may rise 0.2%, the smallest increase in three months. This report will also show robust growth in consumer spending and income, indicating economic resilience. The US November retail sales data on Tuesday may also point to similar strong momentum.
BlockBeats reported earlier today that according to CME's "Fed Watch" data, the probability of the Fed cutting rates by 25 basis points in November is 96%, and the probability of keeping rates unchanged at 4.75%-5.00% is 4%.
