Greeks.live: This week there are several important macroeconomic data releases and speeches by key figures

Adam, a macro researcher at Greeks.live, posted on social media that Powell's speech at the Jackson Hole global central bank conference clarified a September Fed rate cut. The current consensus is a 25 basis point cut, but if economic data this month shows significant pressure, a 50 basis point cut is also possible. The clear commitment to a rate cut has given the market a lot of confidence, leading to a rebound in major cryptocurrencies, though future movements still have a lot of uncertainty.

This week features several important economic data releases and speeches from key figures, primarily focusing on the Fed's September rate cut. Additionally, Russia's cryptocurrency legislation is worth watching as crypto moves onto the big stage.

ETH has remained subdued after the Cancun upgrade, with gas fees now below 0.8 Gwei. The significant reduction in ETH consumption has led to the failure of the deflationary flywheel. Currently, there appears to be no chance for ETH to rebound, and the bearish sentiment is well-priced.

Key events this week:

Tuesday, August 27
- 2024 FOMC voter and San Francisco Fed President Daly speaks

Wednesday, August 28
- Fed Governor Waller speaks

Thursday, August 29  
- U.S. initial jobless claims  
- 2024 FOMC voter and Atlanta Fed President Bostic speaks on economic outlook

Friday, August 30 
- U.S. July core PCE price index year-over-year  
- U.S. August Michigan University Consumer Sentiment Index final value  
- 2024 FOMC voter and Atlanta Fed President Bostic speaks on monetary policy and economic outlook  
- Russia begins implementation of digital currency cross-border payment law and legalization of crypto mining